New York City Mayor Zohran Mamdani claims the city budget has a $5.4 billion shortfall, and one of the ways he proposes to close that gap is by changing the state’s estate tax laws.At present, New York imposes a death tax of 16% on estates worth more than $7 million. Mamdani wants to lower that threshold to estates worth only $750,000, plus he’s proposing increasing the tax to 50%, a...
