The bad news: Much of the Democrat-dominated state Legislature broadly embraces his left-wing economic principles.
Zohran Mamdani’s win in the Democratic primary for mayor of New York has given Gotham’s residents new reasons to fear the worst for their city’s economy (“The People’s Republic of New York City,” Review & Outlook, June 26). Among other things, the socialist assemblyman advocates big increases in the tax burden on individuals and businesses, who already pay the highest combined state and local rates in the country.
The good news: Mr. Mamdani’s proposed tax hikes—along with such costly goals as fare-free buses, universal childcare and $70 billion in added borrowing to finance affordable housing—couldn’t be implemented without Albany’s cooperation. The bad news: Much of the Democrat-dominated state Legislature broadly embraces the same left-wing economic principles of Mr. Mamdani’s program.
This year, the state Senate and Assembly advanced alternative budget plans calling for higher personal and corporate taxes at the state level, albeit smaller rate increases than what Mr. Mamdani favors for the city alone. Gov. Kathy Hochul rebuffed those proposals. At the same time, though, she launched a prospective tax increase of her own, pre-emptively extending New York’s higher marginal rates on top earners, which now reach 10.9% statewide and nearly 15% in New York City. Enacted four years ago under Gov. Cuomo, the tax hike was due to expire in 2027, but Gov. Hochul has pushed the sunset to 2032.
Continue reading the entire piece here at the Wall Street Journal (paywall)
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E.J. McMahon is a senior fellow at the Empire Center for Public Policy and a Manhattan Institute adjunct fellow. Follow him on Twitter here.
Photo by Michael M. Santiago/Getty Images
