Mamdani calls for 2% tax hike on wealthy New Yorkers

New York City Mayor Zohran Mamdani on Wednesday has called for a two percent tax increase for New Yorkers making over a million dollars a year, along with a hike in the state’s corporate tax rate, proposals he originally championed during his campaign.

During testimony before the New York State Senate’s 2026 budget hearing, Mamdani, a Democrat, said the city’s budget gap has decreased from $12 billion to $7 billion by “assuming an aggressive posture on savings without compromising city services...