New York City Mayor Zohran Mamdani arrives before a press conference at Grand Army Plaza in the Brooklyn borough of New York City, U.S., January 2, 2026. REUTERS/Jeenah Moon
New York City Mayor Mamdani holds press conference at Grand Army Plaza in the Brooklyn borough of New York City
(New York, NY) – Several things in life are certain, like death and taxes. Even once it’s all over, it’s still time for the government to collect. When you have passed on to the next life, it won’t be your spirit haunting your family – it will be new taxes proposed by Mayor Mamdani. The young, Democratic Socialist mayor has a big gap in his budget, and has been adamant in his refusal to cut spending.
Now, in order to make good on some of the giant progressive promises made on the campaign trail, the mayor is looking at lowering the exemption on the death tax from $7.1 million dollars to $750K. They would also increase the top rate of the death tax from 16% to a whopping 50%. Former Deputy Mayor Randy Mastro was on 77WABC’s Cats & Cosby where he talked about Mamdani’s proposal
Some users on social media pictured a possible near future where private homes would have to be sold in order to cover the estate taxes. The budget proposals have already been raising eyebrows as Mamdani has been calling on Governor Kathy Hochul and state lawmakers to raise taxes on the wealthiest New Yorkers.
Some fear an exodus of the top earners, while the mayor’s office maintains that the funds are needed to bankroll city programs. This past week, Mamdani was handed a big win from lawmakers in Albany after the NYS Senate and Assembly released budget proposals that included raising taxes on big businesses.
