Mamdani Advocates for Increased Taxes on Wealthy Individuals and Corporations in New York
New York City Mayor Zohran Mamdani has called for the state to increase taxes on corporations and the wealthy to help address the city’s budget deficit. He warned that the alternative would involve raising property taxes.
New York City Mayor Zohran Mamdani is advocating for higher taxes on corporations and affluent individuals to tackle the Big Apple’s budget deficit. He cautioned that failing to do so would force the city to raise property taxes and deplete its reserves.
Mamdani has presented a preliminary fiscal year 2027 budget that includes a property tax increase, which he has labeled a “last resort.”
“Today, I’m releasing the City’s preliminary budget. After years of fiscal mismanagement, we’re facing a $5.4 billion budget gap — and two paths. One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations to address the fiscal imbalance between our city and state. The other, a last resort: balance the budget on the backs of working people using the only tools at the City’s disposal,” Mamdani stated in a Tuesday post on X.
FREE BUSES, REAL COSTS. INSIDE MAMDANI’S SOCIALIST DREAM TO SHAKEUP TRANSIT FOR NEW YORKERS
New York City Mayor Zohran Mamdani during a Bloomberg Television interview at City Hall in New York, on Thursday, Jan. 29, 2026. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
The city council must approve city budgets, as reported by the New York Times.
“As the mayor of New York City, I have a legal obligation to balance the budget. I will meet that obligation,” he asserted during his remarks on Tuesday.
The sun sets on the Statue of Liberty and the Empire State Building in New York City on July 28, 2025, as seen from Bayonne, N.J. (Gary Hershorn/Getty Images / Getty Images)
“Faced with no other choice, the city would have to exercise the only revenue lever fully within our own control. We would have to raise property taxes. We would also be forced to raid our reserves,” he explained.
“This would effectively be a tax on working and middle-class New Yorkers, who have a median income of $122,000,” said Mamdani, a self-described Democratic socialist who ran on a platform promising to tackle rent costs.
HOUSE GOP LEADER RIPS ‘SOCIALIST’ ZOHRAN MAMDANI AFTER 18 PEOPLE FREEZE TO DEATH IN NYC
New York City Mayor Zohran Mamdani during an announcement on junk fees in the Susan and John Hess Family Theater at The Whitney Museum of American Art in New York, on Wednesday, Jan. 21, 2026. (Adam Gray/Bloomberg via Getty Images / Getty Images)
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Mamdani emphasized that the “preliminary budget takes the only path within our control,” but he also stated that the city would pursue this route only if no other options exist to achieve a balanced budget.
New York City Mayor Zohran Mamdani has called for the state to increase taxes on corporations and the wealthy to help address the city’s budget deficit. He warned that the alternative would involve raising property taxes.
New York City Mayor Zohran Mamdani is advocating for higher taxes on corporations and affluent individuals to tackle the Big Apple’s budget deficit. He cautioned that failing to do so would force the city to raise property taxes and deplete its reserves.
Mamdani has presented a preliminary fiscal year 2027 budget that includes a property tax increase, which he has labeled a “last resort.”
“Today, I’m releasing the City’s preliminary budget. After years of fiscal mismanagement, we’re facing a $5.4 billion budget gap — and two paths. One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations to address the fiscal imbalance between our city and state. The other, a last resort: balance the budget on the backs of working people using the only tools at the City’s disposal,” Mamdani stated in a Tuesday post on X.
FREE BUSES, REAL COSTS. INSIDE MAMDANI’S SOCIALIST DREAM TO SHAKEUP TRANSIT FOR NEW YORKERS
New York City Mayor Zohran Mamdani during a Bloomberg Television interview at City Hall in New York, on Thursday, Jan. 29, 2026. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
The city council must approve city budgets, as reported by the New York Times.
“As the mayor of New York City, I have a legal obligation to balance the budget. I will meet that obligation,” he asserted during his remarks on Tuesday.
The sun sets on the Statue of Liberty and the Empire State Building in New York City on July 28, 2025, as seen from Bayonne, N.J. (Gary Hershorn/Getty Images / Getty Images)
“Faced with no other choice, the city would have to exercise the only revenue lever fully within our own control. We would have to raise property taxes. We would also be forced to raid our reserves,” he explained.
“This would effectively be a tax on working and middle-class New Yorkers, who have a median income of $122,000,” said Mamdani, a self-described Democratic socialist who ran on a platform promising to tackle rent costs.
HOUSE GOP LEADER RIPS ‘SOCIALIST’ ZOHRAN MAMDANI AFTER 18 PEOPLE FREEZE TO DEATH IN NYC
New York City Mayor Zohran Mamdani during an announcement on junk fees in the Susan and John Hess Family Theater at The Whitney Museum of American Art in New York, on Wednesday, Jan. 21, 2026. (Adam Gray/Bloomberg via Getty Images / Getty Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Mamdani emphasized that the “preliminary budget takes the only path within our control,” but he also stated that the city would pursue this route only if no other options exist to achieve a balanced budget.
