As Mayor of the City of New York?….
Most of his promise’s simply would be impossible to actually get done….
And much of Mr. Mamdani’s agenda relies in large measure on increasing revenue through taxes on businesses and the wealthy — part of an overarching vision to rethink how the city funds expanded social programs. Along with raising income taxes, he has pledged to shift the property tax burden “from the outer boroughs to more expensive homes in richer and whiter neighborhoods,” according to his campaign website.
Already, Mr. Mamdani’s plans, in line with his democratic socialist political affiliation, have prompted intense backlash from business leaders who say he poses a danger to New York’s economy. In private meetings, power brokers are discussing how to mount a strong challenge to Mr. Mamdani in the November general election.
But the obstacles are not just political. To accomplish most of what he has promised, he will have to combat powerful headwinds from Albany and Washington that threaten to stymie his ambitious agenda….
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In 2021, the state raised personal income taxes on millionaires, which would make New York City’s top earners pay the nation’s highest rates. It also increased income taxes on corporations.
Raising those taxes further would not only need the approval of the State Legislature but also the signature of the governor.
On Thursday, the governor stressed that she wanted to have a positive relationship with the next mayor, whoever that is — but reiterated that raising taxes was a nonstarter.
“I’m focused on affordability,” she said at a news conference, “and raising taxes on anyone does not accomplish that.”
Budget analysts have said that increasing taxes could burden the New York economy by making the city less attractive to employers.
“We are the highest taxing state and locality in the nation,” said Andrew Rein, president of the nonpartisan Citizens Budget Commission, adding that “competition is fierce for residents and businesses right now.”
There are also cuts looming from the Trump administration, which has already clawed back hundreds of millions in federal funds to care for migrants and for natural disaster prevention, among other things. Last fiscal year, the federal government sent about $100 billion to the state for a range of efforts, including school aid and infrastructure.
As a result, lawmakers say that to fill the holes left in their budgets, there will have to be a mix of increased taxes and tough choices — meaning money for Mr. Mamdani’s agenda might not be available…..
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