Extreme Mamdani estate tax proposal goes right after New Yorks middle class families

Mayor Zohran Mamdani is floating an extreme new proposal to change the state’s estate tax — a move that would hurt middle-class New Yorkers and their loved ones.The socialist mayor wants to drastically slash the estate tax exemption threshold from the $7 million limit to just $750,000, a drop of more than 90%, according to a memo City Hall recently circulated to Albany lawmakers.The “Tax Revenue Raising Proposals” document is a wish list containing dozens of different tax hikes that could be employed to bail the Big Apple out, according to Bloomberg.In addition to dropping the estate tax exemption — to what would be the lowest in the US — Mamdani is also pitching increasing the top rate to a whopping 50%, from the current 16%, in what he said would raise $4 billion combined, the outlet reported.“This is a prime example of how the ‘tax the rich’ movement is actually all about taxing the middle class and those struggling to put food on their tables for their families,” Assemblyman Michael Tannousis (R-Staten Island) told The Post of the proposal.“What can you buy in New York City for $750,000? Not much at all.”City Council Member Phil Wong (D-Queens) said lowering the exemption threshold would “hit a lot closer to home than people realize.”“With property values where they are today, families could be forced to sell the very homes they hoped to pass on to their children,” he said.“Government cannot keep piling on taxes that punish middle-class homeowners.”Mamdani has been putting pressure on Hochul and the state Legislature to help cover what it says is a $5.4 billion budget deficit for the fiscal year that begins July 1.Other “revenue raiser proposals” on the city’s memo included:The proposal was part of a presentation made to state lawmakers last week as they started to hash out New York’s budget with the governor’s office.The memo has been widely circulated by city hall to lawmakers, including leadership, as well as the...