#estate-tax-reform

#estate-tax-reform

Mayor Mamdani proposes slashing New York's estate tax exemption from $7 million to $750,000 and raising the top rate to 50%, which critics argue would burden middle-class homeowners and families.

New York City Mayor Zohran Mamdani proposes slashing the state estate tax exemption from $7 million to $750,000 and raising the top rate from 16% to 50% to address a $5.4 billion city budget deficit.