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Mamdani Urges 2% Tax Increase on New York’s Highest Earners
New York City Mayor Zohran Mamdani is calling on state lawmakers to approve a 2% tax hike on residents earning more than $1 million a year, framing the proposal as a necessary step to help close the city’s multibillion‑dollar budget gap.
Mamdani noted that the city has already reduced its projected deficit significantly through cost‑cutting measures, but he argued that additional revenue from the wealthiest New Yorkers is essential to protect public services and maintain long‑term fiscal stability. He also renewed his support for raising the state’s corporate tax rate, a position he championed during his campaign.
The proposal is expected to spark debate in Albany, where some state leaders have expressed reluctance to raise taxes. Mamdani, however, maintains that the city cannot rely on cuts alone and that high‑income earners should contribute more to help stabilize New York’s finances.
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