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NYC Mayor Proposes Wealthy Tax Hike to Address $12.6B Deficit

1/28/2026

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Summary

Story summary

Zohran Mamdani, Mayor of New York City, unveiled plans to raise taxes on the wealthy to address a projected $12.6 billion deficit left by former Mayor Eric Adams.
He described the gap as larger than during the Great Recession, citing mismanagement.
The plan would raise top earners’ income tax and corporate taxes, with spending cuts.
Some worry about millionaire flight, yet research shows high earners move only 2.4% annually.

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Story summary

Zohran Mamdani, Mayor of New York City, unveiled plans to raise taxes on the wealthy to address a projected $12.6 billion deficit left by former Mayor Eric Adams.
He described the gap as larger than during the Great Recession, citing mismanagement.
The plan would raise top earners’ income tax and corporate taxes, with spending cuts.
Some worry about millionaire flight, yet research shows high earners move only 2.4% annually.