If New York City Mayor Zohran Mamdani gets his way, half of everything New Yorkers work a lifetime for – including their homes, their businesses or farms, and their savings – could be stripped away on their deathbeds.
No more Empire State; he’d make it the Expropriation State.
Only one thing in life is certain: We all die.
Mamdani is exploiting that certainty to close what he claims is a $5.4 billion city budget gap.
More than that, he aims to undermine the foundations of American life by attacking wealth accumulation, homeownership, and private property, per the radical agenda of the Democratic Socialists of America.
Currently, New York is one of a handful of states that imposes a death tax, a 16% levy on estates worth more than $7 million.
But last week, the tax wish list Mamdani circulated to state legislators and Gov. Kathy Hochul proposed lowering the threshold to a mere $750,000 – which would clobber millions more New Yorkers all across the state with a punishing tax.
He would also hike the rate to a whopping 50%, two and a half times the next highest rate – 20%, charged in Hawaii and Washington state.
The worst feature of Mamdani’s tax proposal is its built-in “cliff,” meaning that once an estate hits $750,000 in value, the confiscatory 50% rate applies to all assets, not just the amount above that figure.
Half the estate gets wiped out, and Albany steps in to take it.
Consider: The average home value in Westchester County right now is $823,340, while the median home price in Nassau County is a staggering $875,000.
Even assuming no other assets, the legacy of most Westchester and Nassau homeowners would fall into the tax collector’s hands.
Bruce Blakeman, Hochul’s Republican rival for governor in November, quickly pounced on the issue, calling it “the most extreme Death Tax in America.”
“Children will lose half the value of their parents’ home…and family businesses will have to be sold off just to pay this cruel tax,” he stated in a social media post. --->READ MORE HERE
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| AP |
Mayor Zohran Mamdani is floating an extreme new proposal to change the state’s estate tax — a move that would hurt middle-class New Yorkers and their loved ones.
The socialist mayor wants to drastically slash the estate tax exemption threshold from the $7 million limit to just $750,000, a drop of more than 90%, according to a memo City Hall recently circulated to Albany lawmakers.
The “Tax Revenue Raising Proposals” document is a wish list containing dozens of different tax hikes that could be employed to bail out the Big Apple, according to Bloomberg.
In addition to dropping the estate tax exemption — to what would be the lowest in the US — Mamdani is pitching increasing the top rate to a whopping 50%, from the current 16%, in what he said would raise $4 billion combined, the outlet reported.
“This is a prime example of how the ‘tax the rich’ movement is actually all about taxing the middle class and those struggling to put food on their tables for their families,” Assemblyman Michael Tannousis (R-Staten Island) told The Post of the proposal.
“What can you buy in New York City for $750,000? Not much at all.”
City Council Member Phil Wong (D-Queens) said lowering the exemption threshold would “hit a lot closer to home than people realize.”
“With property values where they are today, families could be forced to sell the very homes they hoped to pass on to their children,” he said. “Government cannot keep piling on taxes that punish middle-class homeowners.”
Mamdani has been putting pressure on Hochul and the state Legislature to help cover what it says is a $5.4 billion budget deficit for the fiscal year that begins July 1.
Other “revenue raiser proposals” on the city’s memo included: --->READ MORE HERE
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