New York City Mayor Zohran Mamdani is facing mounting backlash after backing a slate of tax hikes that could pull at least $23 billion from New Yorkers — including many in the middle class.
It marks a sharp turn from his campaign pledge to target only the wealthy.
Mamdani, a self-described democratic socialist, entered office promising to fund an ambitious, benefits-heavy agenda by taxing millionaires and large corporations.
But once in power, the focus shifted.
The mayor began emphasizing the need to close a budget gap he initially pegged at $12 billion before revising it down to $5.4 billion.
And with that shift came a broader tax push.
At one point, Mamdani warned he could impose a nearly 10% property tax hike citywide if Albany failed to approve his plan to “tax the rich.”
The threat stunned even allies — and drew pushback from fellow Democrats, including City Council Speaker Julie Menin.
“He’s a very smart leader who seems comfortable in the job, but who has made a host of rookie mistakes,” said Andrew Kirtzman, CEO of KSX Communications. “Threatening an improbable property tax hike, and needlessly attacking a city council speaker he’ll need.”
Taxing the wealthy — with Albany in the middle
The centerpiece of Mamdani’s plan is a 2% city income tax increase on individuals earning $1 billion or more, alongside higher corporate tax rates.
Financial firms would see rates climb to 10.8%, while other corporations would face a 10.62% rate.
City Hall estimates those changes would generate about $4.5 billion.
But there’s a catch: Albany has to sign off.
And that’s far from guaranteed.
New York Gov. Kathy Hochul has made clear she opposes raising taxes on high earners this year, citing concerns about wealthy residents leaving the state.
Still, Democratic leaders in the state legislature have signaled support for parts of Mamdani’s plan in preliminary budget proposals, setting up a high-stakes negotiation.
Property taxes take center stage
The biggest flashpoint may be property taxes.
Mamdani’s budget proposal included a 9.5% hike, framed as a fallback if his preferred tax increases on the wealthy are blocked.
The move would generate an estimated $3.7 billion annually and affect more than 3 million residential units.
City officials say those households typically earn around $122,000 a year — squarely in the middle-class range.
That reality has fueled criticism that the mayor’s tax strategy is drifting far beyond the wealthy.
Full report continued over at The New York Post:
Mamdani pushed combined $23B worth of new NYC taxes in just his first 100 days https://t.co/k63pSmcu2i pic.twitter.com/wWszavtv5X
— New York Post (@nypost) April 10, 2026
