For all of Mayor Zohran Mamdani\u2019s \u201cwe don\u2019t need millionaires\u201d talk \u2014 it turns out, he does.\u00a0<\/p>\n
Wall Street bonuses hit a record $49.2 billion in 2025<\/a>, up 9%, reports state Comptroller Thomas DiNapoli.<\/p>\n That means an extra $199 million in state income tax revenue and $91 million more for city coffers.<\/p>\n Great news \u2026 except Mamdani\u2019s ginormous $127 billion spending plan projected those bonuses to be up 15.1%, not a mere 9%.\u00a0<\/p>\n The mayor\u2019s not alone: Gov. Kathy Hochul\u2019s executive budget wildly assumed they\u2019d grow 25.9%.<\/p>\n But Hochul at least isn\u2019t regularly trash-talking \u201cthe rich,\u201d nor rushing to bleed them further while shrugging at the thought that they might skate off to friendly climes. <\/p>\n \t\t\tMore From\t\t\t\t\t\t\tPost Editorial Board<\/p>\n As DiNapoli told The Post, \u201cWhen Wall Street does well, it\u2019s good for our state and city budgets, which are reliant on the industry\u2019s significant tax contributions.\u201d<\/p>\n If he had even looked at his own budget (beyond the parts that display his spending dreams), Mamdani would know that. <\/p>\n \t\t\t\t\t\t\tGet opinions and commentary from our columnists\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\tSubscribe to our daily Post Opinion newsletter!\t\t\t\t\t\t<\/p>\n \t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n Then again, his main use of the budget so far is as leverage to get tax hikes <\/a>\u2014 on \u201cthe rich,\u201d if possible, or anyone else if that fails \u2014 to fund that \u201cvision.\u201d<\/p>\n He\u2019s sure not looking to cut costs<\/a>; he\u2019s too busy setting up a taxpayer-funded re-election team<\/a>. <\/p>\n The nonstop war on high-earners is central to his image; he doesn\u2019t care that they already cover<\/a> a huge chunk of the city\u2019s bills, and doesn\u2019t want to hear about how his plans could kill the golden goose<\/a>.<\/p>\n Wall Street just had a banner year, but still coughed up less in taxes than Hizzoner directed; he just sees that as reason to hit the high earners harder.<\/p>\n Thing is, \u201cthe beatings will continue until morale improves\u201d is an epically foolish approach when the folks you\u2019re whipping can simply move out of reach.<\/p>\n","protected":false},"excerpt":{"rendered":"For all of Mayor Zohran Mamdani\u2019s \u201cwe don\u2019t need millionaires\u201d talk \u2014 it turns out, he does.\u00a0 Wall…\n","protected":false},"author":2,"featured_media":178168,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[3968,14927,304,27774,9,56,63,65,64,299,2780,10448,3417,82],"class_list":["post-178167","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-billionaires","tag-city-budget","tag-editorial","tag-millionaires","tag-new-york","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-opinion","tag-taxes","tag-thomas-dinapoli","tag-wall-street","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/178167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=178167"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/178167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/178168"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=178167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=178167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=178167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}