Socialist Mayor Moves To Tax New York’s Wealthy

Adriana Stone 0 1 min read

Mamdani Moves To Tax New York’s Wealthy

Zohran Mamdani has been mayor for only a few weeks. He’s already talking about raising taxes on the city’s richest residents and biggest companies.

On CNBC’s Squawk Box, he described the hole he inherited as massive. “This is at a scale that’s actually greater than what we saw here in New York City during the Great Recession,” Mamdani said during the interview with Andrew Ross Sorkin at City Hall.

He linked the shortfall to what he called “gross fiscal mismanagement” by previous leaders. He pointed to moves made under former Mayor Eric Adams and ex-Governor Andrew Cuomo as part of the reason the city is now scrambling.

City Comptroller Mark Levine has warned the new mayor faces a projected budget gap of about $12.6 billion across the next two fiscal years. That number includes a roughly $2.2 billion shortfall for fiscal 2026 and a $10.4 billion gap in fiscal 2027.

Mamdani said his approach will include internal cuts and revenue changes. “That means looking inward into savings and efficiencies. That also means raising taxes on the wealthiest New Yorkers and the most profitable corporations.”

He campaigned on a platform that included higher taxes for the wealthy. Now he’s moving from campaign talk to governing choices. Expect debate. Expect pushback. Wealthy New Yorkers and big businesses will likely fight tax increases. Some residents will worry about job impact and whether companies leave the city.

The mayor framed his plan as blunt and honest. He told New Yorkers he intends to be upfront about the numbers he says were hidden for years.

Whether the proposed hikes will pass city budget votes is another story. Lawmakers and stakeholders will weigh cuts, new revenue, and the political fallout. The next few months will show how fast and how far Mamdani moves.

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