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Mamdani Proposes Massive Estate Tax Exemption Cut From $7M To $750K, Among Other Tax Increases
zerohedge95d ago

Mamdani Proposes Massive Estate Tax Exemption Cut From $7M To $750K, Among Other Tax Increases

Mamdani Proposes Massive Estate Tax Exemption Cut From $7M To $750K, Among Other Tax Increases New York City Mayor Zohran Mamdani is urging Albany to consider a sweeping overhaul of New York’s estate tax, proposing to sharply lower the exemption threshold and dramatically increase the top rate on large inheritances. His plan would cut the exemption from more than $7 million to $750,000 while boosting the highest tax rate from 16 percent to 50 percent, Bloomberg reported. The idea was included in a policy memo his administration recently shared with state lawmakers as they negotiate the state budget, according to NY Focus.The estate tax proposal is one of several revenue measures Mamdani’s office has floated as the city prepares for a significant budget gap. New York City is projecting a $5.4 billion deficit for the fiscal year that begins July 1, and the mayor is asking state officials to help identify new sources of funding to help close the shortfall.Among the other proposals is a narrower package of business tax increases aimed specifically at companies operating in the city. The administration estimates those changes could generate about $1.75 billion annually. Under the plan, the city’s corporate tax rate would rise to 10.8 percent for financial firms and to 10.62 percent for other corporations, while the tax on large unincorporated businesses would increase modestly for firms earning more than $5 million.Mamdani is also proposing to scale back the Pass-Through Entity Tax credit, which currently allows certain business owners to use company tax payments to fully offset what they owe in personal income taxes. Limiting that credit to 75 percent of its value would produce roughly $700 million a year, according to city estimates. The mayor continues to advocate for raising the local income tax rate on residents earning more than $1 million annually, a measure projected to bring in about $3 billion each year.The report says that several ideas in the memo target high-end real estate transactions and ownership. They include a one percent surcharge on homes valued above $5 million, a one percent tax on cash-only property purchases exceeding $1 million, and a broader version of the existing mansion tax on luxury home sales. Combined, these changes could generate roughly $1.2 billion in additional annual revenue. Mamdani has also backed eliminating the sales-tax exemption on gold bullion and similar precious metals, which city officials estimate would produce about $300 million for the city each year.Despite the aggressive estate tax proposal, it appears unlikely to gain traction in the current budget negotiations. Neither chamber of the state legislature has included it in their spending plans, and Governor Kathy Hochul did not incorporate it into her own budget proposal. Lawmakers in both the Senate and Assembly have, however, endorsed separate plans that would increase income and corporate taxes.Longer-term fiscal pressures are also shaping the debate. Mark Levine has warned that New York City could face cumulative deficits of at least $28 billion over the next four fiscal years, suggesting that state and city officials may continue exploring tax increases and other revenue measures in the years ahead.As we wrote just hours ago, Moody’s changed its outlook on New York City’s credit rating to negative while keeping its Aa2 rating in place, citing growing concerns about sizable and persistent projected budget deficits that suggest a structural imbalance in the city’s finances and reduced fiscal flexibility.The shift follows updated spending projections showing larger gaps than previously expected, with the city needing to close at least a $5.4 billion deficit across this year and next as expenses continue to rise faster than revenues. New York’s $127 billion budget also relies on using its rainy-day fund, potentially limiting its ability to manage a future economic downturn.Moody’s decision signals that a formal downgrade could follow in the coming months if the city fails to address its widening fiscal gaps. Tyler DurdenSat, 03/14/2026 - 15:45

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Nine in 10 Nigerians back women leaders, but institutions lag – Report
premiumtimesng95d ago

Nine in 10 Nigerians back women leaders, but institutions lag – Report

According to the report, Nigeria’s overall leadership readiness score rose slightly to 59 in 2025 from 57 in 2024, suggesting increasing public confidence in women’s leadership capabilities.The post Nine in 10 Nigerians back women leaders, but institutions lag – Report appeared first on Premium Times Nigeria.

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SEC Signals Crypto Markets Shift as Tokenized Equity Framework Debate Intensifies
news_bitcoin95d ago

SEC Signals Crypto Markets Shift as Tokenized Equity Framework Debate Intensifies

U.S. regulators are weighing how blockchain-based equities could reshape markets, as SEC leaders signal potential pilot programs and exemptions that may open the door to tokenized stock trading while regulators grapple with settlement rules and investor protections. Wall Street and Blockchain Collide as SEC Explores Tokenized Equity Framework Regulators are evaluating new frameworks for blockchain-based [...]

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wallst_24795d ago

Skyworks vs. Qorvo: Two RF Chip Giants Fighting for the Same 5G Dollar

Skyworks Solutions (NASDAQ:SWKS) and Qorvo (NASDAQ:QRVO) just reported earnings as direct RF chip competitors, but here is the twist: they announced a merger that would create a roughly $22 billion combined RF and analog semiconductor company, expected to close in early 2027. These may be the last meaningful earnings to compare as separate businesses. Skyworks ... Skyworks vs. Qorvo: Two RF Chip Giants Fighting for the Same 5G DollarThe post Skyworks vs. Qorvo: Two RF Chip Giants Fighting for the Same 5G Dollar appeared first on 24/7 Wall St..

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wallst_24795d ago

Microchip Technology vs. TE Connectivity: Two Mature Chip Plays, One Better Buy

Microchip Technology (NASDAQ:MCHP) just posted a third consecutive quarter of sequential revenue recovery, while TE Connectivity (NYSE:TEL) delivered record orders and double-digit growth across both segments. Two mature industrial-facing names, two very different stories. A Turnaround Gaining Traction vs. a Compounder Hitting Its Stride Microchip’s recovery is accelerating. Revenue came in at $1.186 billion, up ... Microchip Technology vs. TE Connectivity: Two Mature Chip Plays, One Better BuyThe post Microchip Technology vs. TE Connectivity: Two Mature Chip Plays, One Better Buy appeared first on 24/7 Wall St..

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