Democratic socialist mayoral candidate Zohran Mamdani has proposed a 2% tax increase on New York City's millionaires and a 4.5% hike for corporations to fund his ambitious agenda, which includes free services such as transportation, childcare, and food stores. This plan aims to generate $10 billion annually, despite facing challenges such as legislative approval and potential pushback from wealthy residents. Skepticism lingers due to former Mayor Bill de Blasio's past tax increase promises that were never realized, alongside shifting demographics of millionaires in the city post-COVID.
Mamdani unveiled his tax-the-rich proposal - which includes another hike targeting big corporations - in a news conference outside City Hall.
Mamdani has done so through a mix of engaging TikTok-friendly videos and an unapologetically socialist agenda, promising free buses and childcare.
Hiking income taxes would require approval by Albany lawmakers likely loathe to soak the rich.
But while New York state lost 2,400 millionaires between during the first three years of COVID, it also "gained 17,500 millionaires in the same period due to a strong economy and rising wages."
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