From the New York Post: Mayor Zohran Mamdani told state lawmakers on Wednesday that the only way out of the city’s $12 billion budget gap is to raise taxes on the wealthy.
Hizzoner, during his first Tin Cup Day in Albany, formally called on the state Legislature to raise income taxes on people making more than $1 million by 2%.
“I’m asking for a 2% raise in personal income taxes on the most affluent New Yorkers, someone earning $1 million a year. The top 1% of New York City can afford to contribute $20,000 more in taxes,” the young mayor said.
“That 2% tax alone would resolve nearly half of our budget deficit. I will continue to advocate for these policies not only because they offer the most direct route out of this budget crisis, but because they will also transform what is possible in our state.”
In addition to the 2% wealth tax, Mamdani has also vowed to push the state to dramatically increase the corporate tax rate from 7.25% to 11.5%.
MAMDANI’S FIRST 100 DAYS: Mayor tells Albany budget gap shrunk by $5 billion, pushes wealth tax to further close it https://t.co/ydqxSw3i3O pic.twitter.com/vjLeq9AWS6
— amNewYork™ (@amNewYork) February 11, 2026
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