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New NYC Mayor Proposes Major Tax Hikes for Free Services

12/31/2025

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Summary

Story summary

Zohran Mamdani, the new New York City mayor, plans tax increases to fund free public services, including childcare.
He proposes raising corporate tax from 8.85% to 11.5% and adding a 2% surcharge on income over $1 million.
Campaign estimates say the changes could raise about $9 billion annually, though skeptics doubt feasibility.
Governor Kathy Hochul (D-N.Y.) may respond with a childcare program; the outcome depends on legislative approval.

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Story summary

Zohran Mamdani, the new New York City mayor, plans tax increases to fund free public services, including childcare.
He proposes raising corporate tax from 8.85% to 11.5% and adding a 2% surcharge on income over $1 million.
Campaign estimates say the changes could raise about $9 billion annually, though skeptics doubt feasibility.
Governor Kathy Hochul (D-N.Y.) may respond with a childcare program; the outcome depends on legislative approval.