New York City Mayor Zohran Mamdani has called for tax increases on the city’s wealthiest residents and most profitable corporations, warning that the city is facing a fiscal crisis on a scale greater than the Great Recession.
Speaking on Wednesday, Mamdani said New York is grappling with a budget deficit of at least $12 billion, blaming what he described as years of fiscal mismanagement under former mayor Eric Adams.
“I will be blunt. New York City is facing a serious fiscal crisis,” Mamdani said. “There is a massive fiscal deficit in our city’s budget to the tune of at least $12 billion. We did not arrive at this place by accident.”
Mamdani said the shortfall could not be addressed through spending cuts alone, arguing that efficiency measures would be insufficient to close a gap of this size.
“A $12 billion fiscal deficit cannot be resolved through efficiencies and savings,” he said. “Part of the solution will absolutely be interrogating every dollar the city spends, but that is only one part.”
The mayor said the city must also rethink its fiscal relationship with New York State and increase contributions from the wealthiest residents and corporations.
He argued that previous state-level decisions had shifted an unfair financial burden onto the city, particularly during the tenure of former governor Andrew Cuomo, and said restoring balance would be central to any recovery plan.
Mamdani said the scale of the crisis demands action on multiple fronts, including tax increases.
“We are speaking about a fiscal crisis at a scale greater than the Great Recession,” he said. “There will not be one single thing that can answer that crisis.”
He proposed an additional 2% income tax on the top 1% of New Yorkers, saying the city could both stabilise its finances and improve public services by asking more from those best able to afford it.
“In the wealthiest city, in the wealthiest country in history, we can put our city back on firmer financial footing and build a stronger city for everyone,” he said.
The comments increase pressure on Governor Kathy Hochul, who must approve any changes to state tax policy. Hochul, who is seeking re-election in November, has repeatedly said she does not support raising taxes.
The growing standoff highlights widening political divisions over how to address New York City’s budget gap, as officials weigh austerity measures against calls for higher taxes on the rich.
A drone strike on a bus in Zaporizhzhia has killed one person and injured 30, while Kyiv’s South...
Russia and Ukraine have begun a localised ceasefire around the Russian-occupied town of Oleshky, allowing humanitarian aid deliveries and evacuatio...
Romanian authorities say they have uncovered a sabotage network allegedly coordinated from Russia and linked to...
Uzbekistan summoned Iran’s ambassador following claims by several Iranian diplomatic missions that the historical and architectural heritage of Samarkand belongs to Persian or Iranian-Islamic civilisation, Tashkent's Foreign Ministry said.
Serbia's Aleksandar Vučić has conceded defeat after a student-led protest movement took the majority of seats in Sunday's parliamentary elections.
Russian strikes hit several parts of Ukraine overnight, injuring at least six people and targeting energy and port infrastructure, as President Volodymyr Zelenskyy said U.S. warnings about imminent Russian ballistic missile attacks had resumed.
Iran's Supreme National Security Council says senior officials from Saudi Arabia, Pakistan and Türkiye will travel to Tehran to discuss regional security.
Protests against war and rising living costs took place in major Italian cities on Saturday, with some incidents of violence and clashes, a week after unrest erupted across the country.
A drone strike on a bus in Zaporizhzhia has killed one person and injured 30, while Kyiv’s Southern Bridge and metro infrastructure were damaged in an attack. Meanwhile, a Ukrainian drone attack has killed a man and injured six more people in Bryansk in western Russia, according to authorities.
Russia and Ukraine have begun a localised ceasefire around the Russian-occupied town of Oleshky, allowing humanitarian aid deliveries and evacuations from the frontline area.
Romanian authorities say they have uncovered a sabotage network allegedly coordinated from Russia and linked to a fire near a defence manufacturing site in the central city of Brasov, underscoring growing concerns about hybrid threats targeting military infrastructure across Europe.
The Council of the European Union has approved a new support package worth nearly €4.9 billion ($5.4 billion) for Ukraine, reinforcing the bloc's military backing for Kyiv as it continues to defend itself against Russia's invasion.
Harry Kane has been crowned the 2026 Ballon d'Or winner, completing a journey that saw him rise from a young player struggling to break into Tottenham Hotspur's first team to one of the most prolific goalscorers in football history.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment