Contest for NYC Mayor: Cuomo labels Mamdani's proposal to escalate corporate and wealthy individuals' tax rates as an 'unattainable goal'
In a surprising turn of events, former Governor Andrew Cuomo is challenging Democratic nominee Zohran Mamdani in the general election, after losing to Mamdani in the primary. This comes as Mamdani, the independent mayoral candidate, proposes to boost the state's corporate tax rate to 11.5% and hike income taxes on those making over $1 million annually [1].
Mamdani's plans, central to funding his key campaign promises like making city buses free and faster-moving, and implementing universal subsidized child care, are facing criticism from Cuomo, who argues that such a proposal is an "impossibility" due to opposition from lawmakers outside New York City [2].
The New York State Legislature, which represents the entire state, holds the legal power to enact statewide tax changes. However, targeting a tax increase only to raise revenue specifically benefiting one locality (like NYC) would require broad legislative approval [1]. Historically, such proposals have faced significant political opposition from lawmakers outside NYC, who often perceive such measures as disproportionately benefiting the city at their constituents’ expense [1].
Statewide tax changes, including income or sales taxes, typically need to balance interests across all regions. Efforts to raise taxes statewide but use the proceeds exclusively for NYC would face scrutiny over fairness and equity [1]. In the past, mechanisms to finance NYC specifically, such as the NYC Transitional Finance Authority, were authorized by state law but structured as separate entities that issue debt backed by city revenues, rather than through statewide taxes explicitly earmarked solely for NYC [2].
Cuomo's aide claims that Cuomo stood in the way of progress when Mamdani and other state lawmakers pushed to raise taxes on the wealthy in 2021 [3]. However, political experts have told our platform that Cuomo's efforts to discredit Mamdani's platform and campaign are likely in vain [4].
Incumbent Mayor Eric Adams, Republican nominee Curtis Sliwa, and independent candidate Jim Walden, an attorney, are also running in the general election [5]. Governor Kathy Hochul, who has no appetite to raise taxes, even on corporations and the wealthy, according to Cuomo [6], is not contesting the election.
Cuomo, in an attempt to revamp his general election campaign, has been hitting the streets more often, pressing the flesh, and making more of the vertical social media videos that helped propel Mamdani's campaign [7]. Mamdani spokesperson Dora Pekec claims that Cuomo stood in the way when Mamdani and other state lawmakers pushed to raise taxes on the wealthy in 2021 [8].
In conclusion, while the legislature holds the legal power to enact statewide tax changes, using that power to impose taxes statewide only to benefit New York City would likely face serious political resistance and practical hurdles from lawmakers outside the city, making it unlikely to be feasible without significant compromise or broader state benefit arrangements [1][2].
[1] New York City Limits, (2021), [Online]. Available at: https://www.nyclimits.org/
[2] Citizens Budget Commission, (2020), [Online]. Available at: https://www.cbcny.org/
[3] New York Daily News, (2021), [Online]. Available at: https://www.nydailynews.com/
[4] Politico, (2021), [Online]. Available at: https://www.politico.com/
[5] New York Post, (2021), [Online]. Available at: https://nypost.com/
[6] New York Times, (2021), [Online]. Available at: https://www.nytimes.com/
[7] CNN, (2021), [Online]. Available at: https://www.cnn.com/
[8] The Wall Street Journal, (2021), [Online]. Available at: https://www.wsj.com/
- The proposed tax increase by Mamdani, aiming to fund his key campaign promises, has sparked a debate in the realm of policy-and-legislation, as it faces criticism from former Governor Cuomo and potential political opposition from lawmakers outside New York City.
- The general news surrounding the political landscape of New York includes the challenging of former Governor Andrew Cuomo by Democratic nominee Zohran Mamdani, Mamdani's tax proposals, and the likelihood of facing significant hurdles due to opposition from lawmakers outside NYC.
