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Posted on 03/13/2026 2:34:40 PM PDT by SeekAndFind
New York City Mayor Zohran Mamdani is pushing to reduce the state’s estate tax exemption threshold by nearly 90%, from over $7 million to $750,000, while raising the top estate tax rate from 16% to 50%.
The proposal appeared in a memo circulated by Mamdani’s office to state lawmakers negotiating the state budget. New York Focus first reported the memo.
Mamdani is confronting a $5.4 billion city budget deficit for the fiscal year beginning July 1 and is seeking assistance from the state legislature to generate revenue to address the shortfall. The memo included nearly a dozen potential revenue-raising ideas.
If enacted, the change would make New York’s estate tax exemption threshold the lowest in the country. New York is currently one of 12 states that impose state-level estate taxes in addition to federal estate taxes.
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How those city-owned, non-profit grocery stores coming along, Zohran?
Whadda shitehole.....
This is only round one. How could anyone with any money justify staying in New York?
In the Terry Southern novel and its movie version with Peter Sellers and Ringo Starr, a grocery store opens with everything at absurdly low prices. People grab everything and then fight each other violently for the last things on the shelves.
I loved the book and movie and found out much later that Bob Dylan’s manager Albert Grossman did ,too, because he said it showed the human race is lowly and greedy as he believed.
Oops.
The novel and movie title:
The Magic Christian.
Sorry, all.
The state won’t do it.
Death comes to us all—but there will soon be no excuse for dying in New York.
Lol.
Plank #3 of the Communist Manifesto: Abolition of all rights of inheritance.
TRANSLATION: The government is your sole heir.
Karl Marx approves ...
Pure theft.
That was a good one!
No reason the city can’t pass an inheritance tax.
It would be suicidal but hey, go for it.
People will move their assets to a trust and skip all this crap.
The really rich people do this already.
That’s not “generating” anything — certainly not revenue. It’s simple confiscation.
I don’t care if that entire city burns to ground.
In fact I don’t care if EVERY rat city is utterly destroyed along with its filthy inhabitants.
Like all communists, he wants everyone’s property thrown into a big barrel for him to dole out.
Don’t have to be rich, need to be smart. A trust could help tons of folks, just gotta drop a couple thousand and get it written up. Well worth it if you have any property, 401k, or anything else of value. Place everything in the trust and leave to the kids. No probate, step-up cost basis, super tax friendly, and no one can sue you for it. What’s not to like?
RE: He was elected to a New York City position, not a New York State one
Of course, but he wants to widen the contributions to NYC to include ALL New Yorkers since the city has 40% of the state’s population.
If the state assembly passes his proposal, I foresee some NY state residents who are heirs to homes ( $750,000 is the price of lots of homes in the suburbs next to the city — Westchester, Long Island ), having to be forced to sell their homes just to find the cash to pay Mamdani’s taxes.
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