The Democrats often campaign on the idea of taxing the wealthy, but they soon realize that there aren’t enough affluent individuals to fund their extensive spending programs. Wealthy people can easily move away from high-tax states, which ultimately leads to Democrats imposing taxes on everyone, including the working class, who lack the means to resist or relocate.
In New York, Zohran Mamdani, who ran on a platform of targeting the rich, is now proposing a sanity-free change to the state’s estate tax. This change could significantly impact many New Yorkers, threatening their generational wealth. Mamdani, alongside Democratic Gov. Kathy Hochul, is considering increasing the estate tax to 50 percent and lowering the threshold from $7 million to just $750,000.
New York City Mayor Zohran Mamdani wants to slash New York state’s estate tax exemption threshold by almost 90%, from a more than $7 million limit to $750,000, and raise the top estate tax rate from 16% to 50%.
The proposal was included among nearly a dozen potential revenue-raising ideas Mamdani’s office circulated in a memo in recent weeks to state lawmakers negotiating the state budget. Mamdani is facing a $5.4 billion city budget deficit for the fiscal year that begins July 1, and is seeking help from the state legislature in raising money to close the gap.
The change Mamdani is supporting would be significant. New York is already one of a dozen states that impose separate state-level estate taxes on top of federal estate taxes. If the change were enacted, New York’s estate tax exemption threshold would be the lowest in the US.
For those keeping score, that’s a 90 percent reduction in the estate tax threshold. Just insane.
You bet it is. So pay up, loser.
Texas and Florida are full up as well, I heard.
Like the good commies always tell us, you’ll own nothing and you’ll like it.
Another reminder: Cea Weaver, Mamdani’s housing adviser, has said that her goals are to collapse the value of property and abolish all private homeownership in the Big Apple (and beyond).
By the way, the working class ‘commoner’ is always ‘hailed’ by the commie while also being targeted by the commie for destruction because mid-level wealth and property ownership is an impediment to the socialist/Marxist agenda of creating a super-rich elite while ruling over the decimated masses.
And trust me, they won’t stop at 50 percent. The goal is at least 65 percent of what New Yorkers own, and actually, if Mamdani and Hochul are allowed by the Democrat supermajority in the state and city to go full commie, they’ll take 100 percent.
There’s an answer to all of this, New Yorkers: Stop electing Democrats. This is who they are now. They’re not the ‘blue collar working class’ party anymore, if they ever really were. They’re coming to confiscate everything you have, and they won’t stop until they get it.