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Story summary
- New York City Mayor Zohran Mamdani's estate tax proposal faces opposition as state lawmakers push for higher personal income and corporate taxes.
- Governor Kathy Hochul remains opposed, saying the city does not need extra revenue.
- Budget forecasts indicate $1.7 billion in savings, complicating Mamdani's tax-hike justification.
- Critics suggest reinstating the commuter tax, which could have generated $1.298 billion annually since its 1999 repeal, as an effective solution.
