New York City Mayor-elect Zohran Mamdani’s first big proposal is a bold plan to raise taxes on the city's highest earners by pushing for a two-percentage-point tax increase on income above $1 million.
His incoming administration says this tax move could raise billions a year. He then plans to redirect that revenue into programs the city has struggled to fund for years, including free bus service and major affordable housing initiatives. That projection wouldn't pan out, of course, if millionaires leave the city to avoid the tax.
