{"id":368790,"date":"2026-10-09T10:40:11","date_gmt":"2026-10-09T10:40:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/368790\/"},"modified":"2026-10-09T10:40:11","modified_gmt":"2026-10-09T10:40:11","slug":"wall-streets-billions-are-wrecking-mamdanis-excuse-for-tax-hikes","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/368790\/","title":{"rendered":"Wall Street’s billions are wrecking Mamdani’s excuse for tax hikes"},"content":{"rendered":"

Mayor Zohran Mamdani may rail against Wall Street capitalists, but they\u2019re showering him with so much cash, he may no longer be able to cry poverty as an excuse for tax hikes<\/a>.<\/p>\n

A report Tuesday from state Comptroller Tom DiNapoli shows<\/a> New York security-industry profits for the first half of 2026 surged a stunning 51.3%, year over year, to $45.9 billion.<\/p>\n

That\u2019s more than the city projected for the entire year.<\/p>\n

With that come some jaw-dropping bonuses: As The Post\u2019s James Franey reports<\/a>, 20 bosses at Goldman Sachs will share a whopping $500 million bonus pool \u2014 among the biggest payouts the bank\u2019s ever awarded.<\/p>\n

The stunning gains put the industry on pace to hit a record $90 billion by year\u2019s end.<\/p>\n

\t\t\tMore From\t\t\t\t\t\t\tPost Editorial Board<\/p>\n

All of which, notably, generates huge taxes for the city and state; Wall Street\u2019s boom accounted $7.8 billion in tax revenue for City Hall through last year, a 15.8% jump.<\/p>\n

The city had projected a 30% plunge in 2026 profits.<\/p>\n

The windfall should make it way easier to close gaping future-year budget holes<\/a> without tax hikes \u2014 assuming Mamdani exercises a modicum of spending restraint.<\/p>\n

\u201cStrong profits should continue to provide an important boost to state and city revenue,\u201d predicted DiNapoli.<\/p>\n

Yet the mayor still faces serious problems: For starters, Wall Street is ponying up 9.2% of the city\u2019s tax collections and 20.8% of the state\u2019s \u2014 cash City Hall and Albany have become dangerously dependent on.<\/p>\n

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And even as he keeps giving the wealthy fresh reasons to flee<\/a>, other states are seeing faster securities-industry growth than New York: While securities-industry jobs here grew 12.2% from 2019 to 2025, they shot up 26% in Texas and 46.1% in Utah.<\/p>\n

Meanwhile, the mayor is doing everything possible to drive businesses away: During his 2025 campaign, he bemoaned the very existence of billionaires.<\/p>\n

As mayor, he first demanded<\/a> an additional $4 billion tax hike on millionaires, on top of the millionaires\u2019 tax they already were paying.<\/p>\n

He had to settle for a pied-\u00e0-terre tax on $1 million-plus apartments, but he then vilified billionaire Ken Griffin<\/a> in a video on his \u201cvictory\u201d; Griffin responded by expanding his company in Florida instead of New York. <\/p>\n

More: Mamdani\u2019s taxpayer-funded army of influencers plotted a smear campaign against city CEOs to push tax hikes, as The Post revealed<\/a>.<\/p>\n

And now he\u2019s backing a City Council bill to give individuals a \u201cprivate right of action\u201d to sue companies based on supposedly unfair business practices.<\/p>\n

\u201cNew York City\u2019s businesses are not the enemy,\u201d fumes NYC Partnership President Steve Fulop, noting the bill would boost consumer costs and make the city less affordable.<\/p>\n

Yet Mamdani\u2019s desire to rake in ever-higher tax bucks to pay for his wild spending dreams means he\u2019ll need not just the securities industry but other businesses to remain in New York.<\/p>\n

With math like that, he might want to rethink his hostility toward the people buttering his bread<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Mayor Zohran Mamdani may rail against Wall Street capitalists, but they\u2019re showering him with so much cash, he…\n","protected":false},"author":2,"featured_media":368791,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[3968,30065,14927,301,34802,10447,3365,304,3640,18649,27774,9,24,55,54,56,299,21041,60816,4281,2780,10448,3417,82],"class_list":["post-368790","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-billionaires","tag-capitalism","tag-city-budget","tag-city-council","tag-companies","tag-comptroller","tag-economy","tag-editorial","tag-florida","tag-ken-griffin","tag-millionaires","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-opinion","tag-profit","tag-securities","tag-state-budget","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\/368790","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=368790"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/368790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/368791"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=368790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=368790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=368790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}