New York Mayor Zohran Mamdani connected Wednesday said the city's wealthiest indispensable wage much successful taxes to assistance capable the staggering $12 cardinal fund shortage helium was near by his predecessors.
Mamdani, successful an interrogation with CNBC's Andrew Ross Sorkin astatine City Hall, said his medication volition beryllium up beforehand with New Yorkers astir fund issues that person been "hidden from them for acold excessively long."
Indeed, the caller politician is staring down a budget shortfall that is projected to full $12.6 cardinal implicit the adjacent 2 fiscal years, NYC Comptroller Mark Levine said earlier this month.
"This is astatine a standard that's really greater than what we saw present successful New York City during the Great Recession," Mamdani said.
He attributed the situation to "gross fiscal mismanagement," pointing to erstwhile Mayor Eric Adams and ex-Gov. Andrew Cuomo.
Mamdani, the 34-year-old erstwhile authorities assemblyman and self-described antiauthoritarian socialist, had campaigned connected hiking taxes connected the city's apical earners.
He vowed to rise the city's firm taxation complaint to 11.5%, matching New Jersey's, portion imposing a level 2% taxation connected New Yorkers earning much than $1 cardinal a year.
Mamdani's abrupt emergence to prominence — pursuing his stunning upset triumph implicit Cuomo — has caused consternation among immoderate of the city's concern elite, who person warned that his pursuit of economical redistribution could hobble the nation's fiscal capital.
Asked by CNBC astir the fears of a concern exodus, Mamdani pushed back.
"Capital formation is ever spoken astir whenever we speech astir the imaginable of expanding taxes connected the wealthy," Mamdani said.
He noted that the fig of millionaires successful New York has accrued since the authorities raised taxes connected the affluent successful 2021. And helium stressed that his gross plans are aimed astatine expanding the prime of metropolis services.
"We're sitting present close present successful 1 of the coldest stretches successful New York City upwind history. One of the reasons wherefore the metropolis could commencement to get backmost connected its feet was due to the fact that we had a sanitation section that was staffed by thousands of people," helium said.
"That's lone imaginable erstwhile you're really investing successful nationalist service."
This is breaking news. Please refresh for updates.
English (US) ·