_WHAT’S HAPPENING_
New York City Mayor Zohran Mamdani is advancing a tax plan built on the assumption that wealthy residents and profitable businesses will simply absorb higher costs without any consequences. And while Mamdani backs the “Tax the Rich” agenda, his plans involve significant blows to middle-income earners — not just the wealthy.
The most aggressive part of Mamdani’s agenda is the estate tax overhaul, which cuts the exemption from about $7.35 million to $750,000 and raises the top rate from 16 percent to 50 percent. This shift would extend the tax beyond the ultra-wealthy and reach middle-class households, especially homeowners with high equity and retirement savings but limited income.
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