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How Mamdani’s tax-hike mania could make his budget gap grow BIGGER

Mayor Zohran Mamdani has painted himself as the unfortunate victim of a historic budget crisis, but he really should be counting his lucky stars.

New York City has a big spending problem, but not a revenue problem.

Yet that could change soon — warning signs are already flashing.

Mamdani isn’t confronting an external economic shock like a recession, 9/11, the financial crisis or COVID-19.

Wall Street is doing fine; the taxes on its stellar bonuses made $5 billion of the city’s budget gap disappear overnight.

As much as the mayor would hate to admit it, he needs Wall Street more than it needs him.

Mayor Mamdani announces ‘full classic snow day’ for NYC students after remote learning backlash

It’s time to fix a de Blasio era special-ed policy that’s killing NYC’s budget

Mayor Mamdani’s spending frenzy will lead NYC into a rapid decline

According to state Comptroller Tom DiNapoli, the securities industry contributes 42.3% of the city’s personal-income tax and 8.4% of its total tax revenue.

While small and medium businesses keep most New Yorkers employed, big business pays the city’s bills.

Those with 500 or more employees constitute only 0.3% of all firms but employ over a third of New Yorkers and pay about 41% of total wages, per the city’s Independent Budget Office.

Likewise, the top 1% of corporate filers accounted for 93% of the........

© New York Post