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.
The 4-person crew in the Orion capsule on NASA's Artemis II space shuttle carried out a key thruster firing on Thursday, sending the ship ...
Russian Foreign Minister Sergei Lavrov discussed safety of navigation in the Strait of Hormuz by tele...
The United Nations Security Council is to vote on a Bahraini resolution to protect commercial shipping in ...
Iran has rejected claims it has been weakened, vowing instead “more crushing” attacks against the United States and ...
Fears of wider escalation grow despite President Donald Trump saying U.S. strikes on Iran could end within weeks. Meanwhile ...
The 4-person crew in the Orion capsule on NASA's Artemis II space shuttle carried out a key thruster firing on Thursday, sending the ship past the main orbit of the Earth towards the moon, in the hope of beating Apollo 13's distance in 1970, as they took pictures using phones and cameras.
Russian Foreign Minister Sergei Lavrov discussed safety of navigation in the Strait of Hormuz by telephone with Iran’s Foreign Minister Abbas Araghchi on Thursday, the Russian foreign ministry said. A statement on the ministry website said the call had taken place at the initiative of Iran.
The United Nations Security Council is to vote on a Bahraini resolution to protect commercial shipping in and around the Strait of Hormuz, diplomats said on Friday, but veto-wielding China made clear its opposition to authorising any use of force.
Iran has rejected claims it has been weakened, vowing instead “more crushing” attacks against the United States and Israel. President Masoud Pezeshkian also warned that Israel is fabricating threats about Iran, as the Strait of Hormuz remains closed affecting the global energy market.
Fears of wider escalation grow despite President Donald Trump saying U.S. strikes on Iran could end within weeks. Meanwhile missile attacks, tanker incidents and rising casualties across Israel, Lebanon and the Gulf heighten risks to regional stability and energy routes.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
Russian-flagged tanker carrying approximately 700,000 barrels of crude oil docked at Cuba's Matanzas oil terminal on Tuesday, shipping data confirmed, marking a vital and controversial delivery to an island paralysed by severe energy shortages and a suffocating U.S. blockade.
Four astronauts blasted off from Florida on Wednesday on NASA's Artemis II mission, a high-stakes voyage around the moon that marks the United States' boldest step yet toward returning humans to the lunar surface later this decade in a race with China.
An earthquake of magnitude 7.6 struck in Indonesia's Northern Molucca Sea on Thursday, killing one person, damaging some buildings and triggering tsunami waves, authorities and witnesses said.
In a dramatic shake-up at the top of the U.S. Justice Department, President Donald Trump has removed Attorney General Pam Bondi from her post, a White House official confirmed on Thursday.
American President Donald Trump threatened on Wednesday to pull the United States out of NATO after European nations refused to join a U.S.-led naval mission to unblock the Strait of Hormuz.
France has unveiled a delayed wave of renewable energy tenders to boost energy independence and strengthen domestic and European industry.
China is emerging as one of the more stable economies amid the latest global oil shock, thanks to years of planning, diversified energy sources and a steady shift towards renewable power.
In a major policy reversal, the U.S. Treasury has removed Venezuela’s acting president, Delcy Rodríguez, from its sanctions list, signalling a sharp shift in Washington’s approach to Caracas.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment