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Mamdani Wants New York's Estate Tax Threshold Cut 90% to $750,000
News March 13, 2026 at 02:11 PM
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What You Need To Know
- The New York City mayor also wants to raise the state's top estate tax rate from 16% to 50%.
- 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.
- Estate taxes can backfire in places where income taxes are also high, according to a 2023 study.
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