By Steve Levy
New York City socialist mayor Zohran Mamdani is calling his proposed tax hike a mere 2% tax increase, but the numbers tell a different story.
Actually, his plan would raise the city income tax rate on earnings over $1 million from 3.88% to 5.88% — a 2 percentage-point increase, and a real jump of about 51.5% in the rate itself.
If the state of New York increased its tax rate by the same amount, the 6.8% tax on an average upper-middle-class family would be increased to 10.4%. A homeowner paying $10,000 a year in property taxes would wind up paying over $15,000 if the same tax rate increase were applied in localities.
That’s hardly making New York more affordable.