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NYC Mayor-Elect Mamdani Outlines Plan to Tax the Rich and Corporations to Fund Affordability

HeadlineNov 07, 2025

New York Governor Kathy Hochul and New York City Mayor-elect Zohran Mamdani traveled to Puerto Rico Thursday for the annual Somos conference, which focuses on issues important to Puerto Rican communities. Mamdani proposed raising revenue for his ambitious affordability agenda by raising the personal income tax on New Yorkers who make $1 million or more by 2% and raising the state’s top corporate tax to match that of New Jersey. Governor Hochul has rejected broad tax increases on New Yorkers. Meanwhile, Republican New York Congresswoman Elise Stefanik, a key ally of President Trump, has announced she’ll seek her party’s nomination to challenge Hochul in the 2026 gubernatorial election.

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