They want to tax the rich \u2013 but there\u2019s a hitch.<\/p>\n
Mayor Zohran Mamdani campaigned on raising taxes on people raking in $1 million a year \u2013 but his pals in the Democratic Socialists of America are scheming to also squeeze New York married couples making half that.<\/p>\n
The far-left group is planning to hold a \u201cTax the Rich\u201d rally in Albany on Wednesday pushing legislation that would boost state income taxes by nearly 10% on couples filing jointly who make more $500,000 \u2013 and soaking top earners with a whopping 220% hike that\u2019d make New York\u2019s top tax rate the highest in the country.<\/p>\n
Mayor Zohran Mamdani campaigned on raising taxes on people raking in $1 million a year \u2013 but his pals in the Democratic Socialists of America are scheming to squeeze New York married couples making half that. Angus Mordant for NY Post<\/p>\n
\u201cA couple making $500,000 is not rich in New York City. We\u2019re talking young professionals who work,\u201d said state Assemblyman Michael Tannousis, a Staten Island Republican. \u201cThat\u2019s a couple trying to combat New York\u2019s high cost of living.\u201d<\/p>\n
The bill championed on the DSA\u2019s \u201cTax the Rich\u201d website would raise the rate for those making over $500,000 from 6.85% to 7.5%.<\/p>\n
It was introduced by Democratic state Sen. Robert Jackson and Assemblyman Demond Meeks in 2025 while Mamdani serving as an Assembly member \u2014 and he was listed as a co-sponsor backing it.<\/p>\n
Residents raking in more than $700,000 would be taxed at a rate of 8% while those making more than $900,000 and $1 million would pay a 9% and 10% rate, respectively.<\/p>\n
The current top rate for other joint filers is<\/p>\n
9.65% for those making over $2.15 million<\/p>\n
10.3% for those making $5 million<\/p>\n
10.9% for those making $25 million.<\/p>\n
But the DSA bill would boost rates and double the top rate for the highest-income earners to:<\/p>\n
12.0% for incomes over $2 million<\/p>\n
14% for incomes over $3 million<\/p>\n
16% for incomes over $4 million<\/p>\n
18% for incomes over $5 million<\/p>\n
20% for incomes over $10 million<\/p>\n
22% for incomes over $15 million, and<\/p>\n
24% for incomes over $20 million<\/p>\n
Single filers making more than $450,000 would see their rates jump at least 7.5% \u2014 and as high as 24% for those making over $20 million.<\/p>\n
California has the highest state income tax rate at 13%, but wealthy residents in New York City already pay more when combining the state\u2019s rate and city income tax of 3.9% \u2014 for a total of more than 14%.<\/p>\n
The far-left group is planning to hold a \u201cTax the Rich\u201d rally in Albany on Wednesday pushing legislation that would boost state income taxes by 10% on couples filing jointly who make more $500,000. Gina M Randazzo\/Zuma \/ SplashNews.com<\/p>\n
Combined with the city tax, the wealthiest New Yorkers would pay an income tax double that of California if the proposed hikes are approved \u2013 a move that would trigger an exodus of millionaires who pay property taxes and employ thousands, Tannousis said.<\/p>\n
\u201cThese are the people who can afford to leave. That\u2019s why `tax the rich\u2019 is a misnomer,\u201d he said.<\/p>\n
Mamdani, who took office in January after a campaign where he promised a freebie-filled agenda that included free bus fares, recently threatened to raise city property taxes by 9.5% unless the state authorized an income tax hike.<\/p>\n