Tax Talk: Mamdani's Ambitious Agenda Requires New Revenue. What Could That Look Like?

""The ultra wealthy and the most profitable corporations are going to fight any revenue raiser," said Brahvan Ranga, campaign manager of Invest in Our New York, a coalition of organizations pushing for progressive tax reforms. "But the political winds are at our back in a way that hasn't been the case in years." Zohran Mamdani won the mayoral election resoundingly by running on reshaping New York to be affordable and manageable for working people. But many of his audacious plans require money-lots of it."

"With the exception of property taxes, the city can't raise taxes on its own and must always go to Albany seeking votes. The mayor is asking for dollars right as the federal government is slashing funding (and cutting health insurance) and while Gov. Kathy Hochul-who has largely opposed raising taxes-and the legislature, who clutch the state's purse strings, are preparing to run for re-election."

Zohran Mamdani won the mayoral election running on reshaping New York to be affordable and manageable for working people. Many of his audacious plans require substantial new revenue. The city can only raise property taxes independently and must seek state approval in Albany for other tax increases. Federal funding is shrinking while Gov. Kathy Hochul and the legislature prepare for re-election and have so far avoided tax hikes in a $260 billion proposal. Progressive groups express frustration and urge bolder investment. Mamdani also confronts a larger-than-expected city budget deficit and must finalize his first spending plan by July.

Read at City Limits