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Story summary
- Zohran Mamdani, the New York City mayor, calls a 2% tax on residents earning over $1 million to address New York City's $12 billion deficit.
- During Tin Cup Day in Albany, he says the tax could resolve nearly half the deficit.
- He also proposes raising the corporate tax rate from 7.25% to 11.5%.
- Critics say savings reduced the deficit to about $7 billion, arguing that the crisis is overstated.
