Extreme Mamdani estate tax proposal goes right after New York’s middle class families

Source: New York Post

Mayor Zohran Mamdani is floating an extreme new proposal to change the state’s estate tax — a move that would hurt middle-class New Yorkers and their loved ones. The socialist mayor wants to drastically slash the estate tax exemption threshold from the $7 million limit to just $750,000, a drop of more than 90%, according to a memo City Hall recently circulated to Albany lawmakers. The “Tax Revenue Raising Proposals” document is a wish list containing dozens of different tax hikes that could be employed to bail the Big Apple out, according to Bloomberg.