Tipsheet

Expect a Mass Exodus From NYC If Mamdani's New Estate Tax Proposal Becomes a Reality

Amy Curtis
Amy Curtis  |  March 16, 2026 10:00 AM

The Democrats always campaign on taxing the rich, until they realize there aren't enough wealthy people to support their massive spending programs, and that wealthy people have the means to flee high-tax states. That invariably leads to Democrats taxing everyone, including the working class, which doesn't have the ability to fight back or flee.

In New York, Zohran Mamdani — who campaigned on targeting the rich — is now proposing an insane change to the state's estate tax, and it's one that would rob a lot of New Yorkers of generational wealth.

Mamdani, along with Governor Kathy Hochul, is looking at jacking up the estate tax to 50 percent and lowering the threshold for when it kicks in to a much lower number: from $7 million to $750,000.

Here's more:

New York City Mayor Zohran Mamdani wants to slash New York state’s estate tax exemption threshold by almost 90%, from a more than $7 million limit to $750,000, and raise the top estate tax rate from 16% to 50%.

The proposal was included among nearly a dozen potential revenue-raising ideas Mamdani’s office circulated in a memo in recent weeks to state lawmakers negotiating the state budget. Mamdani is facing a $5.4 billion city budget deficit for the fiscal year that begins July 1, and is seeking help from the state legislature in raising money to close the gap.

The change Mamdani is supporting would be significant. New York is already one of a dozen states that impose separate state-level estate taxes on top of federal estate taxes. If the change were enacted, New York’s estate tax exemption threshold would be the lowest in the US.

That's a 90 percent reduction in the estate tax threshold.

Yep. Pay up.

So are Florida and Texas.

You'll own nothing and you'll like it.

Collapsing the value of property and abolishing private homeownership are goals of Cea Weaver, Mamdani's housing advisor. This will do it.

Look at those greedy rich people.

"And you're greedy if you want to leave your house and wealth to your kids."

No one is going to buy a house in NYC knowing they'll lose half of it in taxes when they die. Which is the plan.

That's what communists always do. The working and middle classes are an obstacle to their communist agenda.

You are always richer than someone else.

Check out all the mansions.

That's the low end of the goal. They'd take 100 percent of what you make if they knew they could get away with it.

And stop electing Democrats into power. This won't stop in New York. Democrats think everything you earn and own belongs to them, and they'll stop at nothing to take it from you.