Mayor Mamdani proposes two-point income tax rise for millionaires
Updated
Updated · The New York Times · May 2
Mayor Mamdani proposes two-point income tax rise for millionaires
6 articles · Updated · The New York Times · May 2
The New York City plan would lift the rate to 5.88% from 3.88%, raise about $3bn a year and affect roughly 34,000 households.
Mamdani says the revenue is needed for his universal child care plan, while the proposal has support in the state Assembly and Senate but faces firm opposition from Governor Kathy Hochul.
New York lawmakers are also weighing other taxes on wealthy residents, including on luxury second homes and a tax credit change, amid debate over whether higher taxes drive rich people away.
As New York taxes luxury second homes, will it fix the budget or just push billionaires to invest their wealth elsewhere?
Can New York City fund universal child care by taxing millionaires without driving away the revenue it needs?