Mamdani Announces Increase of Income Taxes for Millionaires and Corporations: Only an Extra $20,000 for a Million

EXCERPT:

MAMDANI: "So, two ideas that we’ve put forward is increasing personal income taxes on New Yorkers who make more than a million dollars a year by just 2 percent. So if you made a million bucks a year, this will be just an extra $20,000 in taxes. The other thing is to increase taxes on the most profitable corporations. So this isn’t like a mom and pop store in your neighborhood that you know. These are the most profitable corporations doing business in New York. And to us, the importance of this, it’s not just about fixing a broken tax system. It’s also about having this revenue to invest back into the working people of this city, which will reap benefits for everyone who calls this city home.”