The newly elected mayor of New York City, Zohran Mamdani, joined ABC News for an interview shortly after becoming the youngest mayor elected in more than a century.
He was asked about his message and mandate, and how he would move forward with his plan for a rent freeze, along with free buses for NYC. Mamdani responded with a plan for higher taxes for the wealthy.
“I think you have to raise taxes on the top 1% of New Yorkers, New Yorkers who make more than a million dollars a year. And you do that by raising taxes on them 2%. And then you also increase the corporate tax of New York state to match that of New Jerzey” Mamdani said during the interview.
As much as the Left-wing media celebrates Mamdani’s message—even they know his plan to make things free by raising taxes will be a difficult challenge.
Many believe raising taxes on the wealthy and certain businesses is likely to drive job creators out of New York. For example, raising taxes on people making over $1 million can negatively impact small businesses. Many small businesses file taxes through an individual income tax code and many argue that raising rates could harm them. It places limits on their ability to expand, hire, and grow.
Mamdani’s plan to raise corporate taxes means that the city could have more revenue for its public services, but many believe companies would respond by raising prices for consumers, reducing wages for their workers, or decreasing investment in the city.