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....