You get what you vote for…
New York City Mayor Zohran Mamdani is proposing a dramatic overhaul of New York’s estate tax system that would sharply expand the number of families subject to the tax.
According to a policy memo circulated by the mayor’s office to state lawmakers negotiating the budget, Mamdani is urging Albany to cut the state’s estate tax exemption from more than $7 million to $750,000 while raising the death tax rate from 16% to 50%.
🚨NYC Mayor socialist Zohran Mamdani has proposed lowering the exemption on the death tax (estate tax) from $7.1 million down to only $750,000.
He would also increase the death tax from 16% to 50%.
No other jurisdiction in the USA confiscates wealth at death from people with… pic.twitter.com/FMEXCxFyVG
— Wall Street Mav (@WallStreetMav) March 13, 2026
If enacted, the change would give New York the lowest estate tax exemption threshold in the country, dramatically expanding the pool of estates subject to taxation.
New York already levies a state estate tax in addition to the federal estate tax. According to tax policy data, only about a dozen states impose their own estate tax on top of federal levies.
The proposal comes as Mamdani grapples with a projected $5.4 billion city budget deficit for the fiscal year beginning July 1.
The memo outlining the estate tax change was part of a broader list of nearly a dozen revenue-raising proposals the mayor is asking state lawmakers to consider as they negotiate the state budget.
Because estate tax policy is set at the state level, any change would require action by the New York State Legislature.
Critics say lowering the exemption so dramatically could hit far more families than the current law and potentially drive wealthy residents out of the state.
The proposal now enters the mix of budget negotiations in Albany as lawmakers weigh how to address both state and city fiscal pressures.
Entrepreneur and conservative media personality Patrick Bet-David says Mamdani’s proposal will drive wealthy residents out of the Empire State.
Watch the clip below:
Mamdani has proposed to lower the exemption on the death tax from $7.1 million to only $750k.
He also wants to increase the death tax from 16% to 50%.
NYC has 123 billionaires with an average age of 67 yrs old.
If it passes, NYC will have a $1 trillion+ exodus in wealth. pic.twitter.com/dU3BFlHDVq
— Patrick Bet-David (@patrickbetdavid) March 13, 2026
More over at Bloomberg News:
Zohran Mamdani is proposing to raise NY's estate tax to 50% and have it kick in at $750,000 instead of more than $7 million https://t.co/VAJuZFSFV3
— Bloomberg (@business) March 13, 2026
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