New York Mayor Proposes Tax Boost for the Rich

New York City's Mayor, Zohran Mamdani, has put forward a plan to raise taxes on the wealthy. He wants to add a 2% tax on those earning over a million dollars each year. This idea is part of his campaign promises. He also wants to increase the corporate tax rate. During a recent budget hearing, Mamdani shared that the city's budget gap has gotten smaller. It went from $12 billion to $7 billion. He said this was due to careful spending and better revenue estimates. However, he believes the city is still in a tough spot.Mamdani argues that the richest people and most successful companies should pay more. He thinks this will help everyone live better lives. He claims that a 2% tax increase on the wealthy could fix almost half of the budget deficit. But there's a catch. The state governor, Kathy Hochul, has to approve any tax hikes. She has already said she doesn't want to raise taxes. She believes the state can invest in the future without adding more debt. It's unclear if Mamdani's plan will get the green light. The debate over taxes and spending continues in New York.