"The frontrunner of the New York City mayoral race has big plans ahead. Zohran Mamdani's meteoric rise as the Democratic candidate is not just fueled by his social media prowess. It is also spearheaded by his plans to provide universal childcare, make buses free, freeze the rent for rent-stabilized units, build more affordable housing, and create a pilot program experimenting with city-operated grocery stores."
"His key plans would be funded by a proposed 11.5% increase in state corporate tax, which is estimated to bring in new annual revenue of $5 billion, as well $4 billion in income from a proposed 2% increase in income tax for NYC residents who make more than $1 million a year. Both plans would need the approval of the state legislature. Mamdani has also proposed increasing the efficiency of city contracts and hiring more auditors to enforce the tax code, which his campaign estimates would bring an additional billion in revenue."
Zohran Mamdani, the leading candidate in the New York City mayoral race, proposes sweeping affordability measures including universal childcare, free buses, rent freezes for rent-stabilized units, expanded affordable housing, and pilot city-operated grocery stores. Funding would come from an 11.5% proposed state corporate tax increase expected to raise $5 billion annually and a proposed 2% income tax increase on residents earning over $1 million, estimated to raise $4 billion, both requiring state legislative approval. Additional revenue would come from greater contract efficiency and more auditors to enforce the tax code, estimated to add about $1 billion.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]