Zohran Mamdani, the incoming Mayor of New York City, campaigned vigorously on the promise of providing free bus service to all city residents.
With the election now concluded, the focus shifts to the financial feasibility of this ambitious initiative. The question of funding looms large, casting doubt on whether this cornerstone policy can be realized.
In a recent interview with PIX11's Dan Mannarino, Mamdani was pressed on potential funding sources, particularly if Governor Kathy Hochul stands firm on her refusal to increase taxes. According to Sean Hannity, Mamdani identified what he described as the "clearest ways" to finance the plan: implementing a higher corporate tax and introducing a new income tax targeting millionaires.
"The most important fact is that we fund it, not the question of how we do it, but that we do it," Mamdani asserted, sparking debate.
Mamdani's proposal suggests raising the top state corporate tax rate to 11.5% and imposing a 2% New York City income tax on individuals earning over $1 million. However, Governor Hochul has already dismissed similar tax increases earlier this year, citing concerns over affordability. She stated, "not raising taxes on people at a time when affordability is the big issue."
Despite these challenges, Mamdani remains steadfast in his vision, arguing on X that "Free buses are an investment in our people and our economy helping workers, small businesses, and every New Yorker who deserves a more connected city." He emphasizes that the crux of the issue lies in commitment rather than logistical hurdles. Nonetheless, taxpayers may hold differing views on this matter.
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