Zohran Mamdani at the Resist Fascism Rally in Bryant Park on Oct 27th 2024 by Bingjiefu He is licensed under CC Intl 4.0.
New York City mayor Zohran Mamdani has endorsed a 50% death tax rate.
Combined with the federal rate of 40%, and after accounting for deductibility, New Yorkers will face a combined federal-state Death Tax rate of 70%. The highest in the world.
Mamdani wants to drastically expand the Death Tax net. Any New Yorker who dies with $750k of assets will be hit.
As noted by Bloomberg News:
New York City Mayor Zohran Mamdani wants to slash New York state’s estate tax exemption threshold by almost 90%, from a more than $7 million limit to $750,000, and raise the top estate tax rate from 16% to 50%.
The proposal was included among nearly a dozen potential revenue-raising ideas Mamdani’s office circulated in a memo in recent weeks to state lawmakers negotiating the state budget. Mamdani is facing a $5.4 billion city budget deficit for the fiscal year that begins July 1, and is seeking help from the state legislature in raising money to close the gap.
The memo was first reported by New York Focus.
The change Mamdani is supporting would be significant. New York is already one of a dozen states that impose separate state-level estate taxes on top of federal estate taxes. If the change were enacted, New York’s estate tax exemption threshold would be the lowest in the US.
Stay tuned for updates.
