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Zohran Mamdani Pushes Higher Taxes to Fund NYC Social Programs

10/18/2025

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Summary

Story summary

Zohran Mamdani aims to fund social programs in New York City by raising taxes, including income taxes on households earning over $1 million and an 11.5% corporate tax.
Wall Street's influence over municipal finances remains a central issue underpinning Mamdani's proposals.
The city's crises in the 1970s were worsened by Wall Street’s refusal to support local bonds, which led to severe cuts in social services.

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Story summary

Zohran Mamdani aims to fund social programs in New York City by raising taxes, including income taxes on households earning over $1 million and an 11.5% corporate tax.
Wall Street's influence over municipal finances remains a central issue underpinning Mamdani's proposals.
The city's crises in the 1970s were worsened by Wall Street’s refusal to support local bonds, which led to severe cuts in social services.