NYC Wealth Tax Debate: Fact vs. Fear
Update: 2025-11-15
Description
New York Citys mayor-elect, Zohran Mamdani, proposes a tax hike for the wealthy and corporations to fund initiatives like universal childcare and free city buses. Despite concerns from business figures about potential economic harm and a mass exodus of affluent residents, studies and experts suggest that such fears are overstated. The proposed tax increases need approval from the state legislature and governor, with proponents arguing that addressing affordability is key for attracting and retaining talent.
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