Investor and TV personality Kevin O’Leary warned that New York lawmaker Zohran Mamdani’s proposal to raise taxes on the state’s wealthy could push many residents to leave.
O’Leary Slams Proposed New York Tax Hike
On Wednesday, in a post on X, O’Leary criticized Mamdani for calling on Gov. Kathy Hochul (D-N.Y.) to raise taxes on New York’s highest earners, warning that failure to do so could result in a significant property tax increase.
“Are you kidding me? New York is already the highest taxed jurisdiction in America, that’s not a small increase, that’s a massive hit,” O’Leary wrote.
O’Leary argued the proposal focuses on raising revenue without reducing spending.
“He’s not cutting spending, he’s just going to tax people into oblivion,” he said.
He predicted higher taxes would push residents to relocate to lower-tax states such as Florida.
“Mark my words, within 12 to 18 months I’ll meet him in Miami and give him ‘Real Estate Agent of the Year,’ because he’s about to push even more New Yorkers out,” O’Leary added.
NYC Budget Gap, Mamdani Tax Plan
On Tuesday, Mamdani proposed raising property taxes and using city reserves to close a projected $5.4 billion budget gap over the next two fiscal years.
Presenting the city’s $127 billion preliminary budget for fiscal 2027, Mamdani said his preferred option was to raise taxes on wealthy residents and corporations, a move requiring approval from Hochul, who expressed skepticism about tax increases.
If the state did not act, Mamdani said he could raise property taxes by 9.5%, calling it a “painful” last resort.
He also proposed drawing nearly $1.2 billion combined from the Rainy Day Reserve and the Retiree Health Benefit Trust. The mayor has the authority to raise property taxes without state approval.
Last year in November, Treasury Secretary Scott Bessent said he attended Mamdani’s Oval Office meeting with President Donald Trump, praising Mamdani’s campaign but criticizing his policies as outdated.
Still, Bessent said the administration wanted the best for New Yorkers.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: lev radin on Shutterstock.com
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