Zohran Mamdani, a socialist candidate in the New York City mayoral race, aims to finance expansive affordability policies via tax hikes on high earners. His proposal includes a 2% income tax for residents earning over $1 million annually and increased corporate taxes, potentially generating $10 billion yearly. However, to implement this plan, he needs approval from the state Legislature and Gov. Kathy Hochul, who has historically resisted income tax increases. This scenario mirrors past struggles faced by the previous mayor, Bill de Blasio, when he sought similar fiscal changes under a reluctant governor.
Mamdani's bold plan to fund city services through increased taxes on the wealthy faces legislative hurdles from a governor unwilling to support such measures.
Despite being a promising candidate, Mamdani's efforts to impose higher taxes on high earners are met with skepticism as Gov. Hochul remains steadfast against this approach.
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