Economists at the Groundwork Collaborative (GWC) say Mayor Zohran Kwame Mamdani’s proposed millionaire tax is a financially sound decision for New York City amid its 2026-27 Fiscal Year budget negotiations.
GWC — a Washington, D.C.-based progressive think tank and advocacy organization — said not only would imposing a 2% tax hike on the wealthiest New Yorkers earning more than $1 million a year balance this year’s budget, but it would help solve budget shortfalls for the foreseeable future.
