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Story summary
- Zohran Mamdani, the mayor of New York City, proposes reducing the estate tax exemption nearly 90%, down from $7.35 million to $750,000.
- The plan would raise the top estate tax rate from 16% to 50%.
- Critics warn the changes could force asset liquidation and out-migration, while Mamdani's broader agenda would freeze rent-stabilized apartments and raise taxes on billionaires and corporations.
