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Excerpt:New York City’s business community’s criticisms of Zohran Mamdani, the self-proclaimed socialist Democratic candidate for mayor, are full of unwarranted hysteria.
After all, most major tax increases will require approval in Albany by the state legislature. Without those tax increases, Mamdani’s plans for city-run grocery stores, rent control, free childcare, building thousands of rent-controlled housing units, free bus service, and a $30 minimum wage aren’t going to get very far. The city council in New York City is far left, but they’re also not insane enough to ruin the city’s finances.
Mamdani’s tax plan is an exercise in delusional thinking. Forbes details the major elements of the candidate’s plan.
- Raising the Corporate Tax Rate from 9% to 11.5%, which his platform estimates will generate $5 billion annually.
- Creating a 2% New York City Income Tax for anyone making more than $1 million annually, which his platform estimates will generate $4 billion annually.
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