(Chris Wade, The Center Square) New York City Mayor Zohran Mamdani wants to raise taxes on the city’s wealthiest to help reduce a projected $12 billion deficit he says was inherited from the previous administration.
In a highlight of his upcoming budget, Mamndani told reporters on Wednesday that his administration will be pursuing his campaign pledge to raise taxes by 2% on millionaires and increase the combined corporate tax rate to just over 22%. He said the tax hikes are needed to whittle down the $12 billion deficit he “inherited” from the Adams administration.
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