‘Cause I’m the taxman,
Yeah, I’m the taxman,
And you’re working for no one but me.
From the New York Post,
Extreme Mamdani estate tax proposal goes right after New York’s middle class families.
The New York mayor submitted a dozen or so proposals to the state legislature in Albany to raise more tax revenue. I’m guessing he needs the money to pay for his free bus service.
The headline proposal,
The socialist mayor wants to drastically slash the estate tax exemption threshold from the $7 million limit to just $750,000, a drop of more than 90%, according to a memo City Hall recently circulated to Albany lawmakers.
At the federal level, the estate-tax exemption level is the first $15 million. To me, this was the most eye-catching proposal among the twelve,
Mamdani is also pitching increasing the top rate to a whopping 50%, from the current 16%, in what he said would raise $4 billion combined, the outlet reported.
The reference to 16 percent appears to be the combined New York City + state income tax rate. And it will raise only a paltry $4 billion, a fraction of the amount of wealth it will chase away from the state. Perhaps one or both of those numbers are typos.
Add the top federal rate to a 50 percent state rate, add in a 9 percent sales tax rate, plus property taxes, and pretty soon you will have nothing left of your annual income.
As predicted, New York voters sure are getting it good and hard.
