I hope he won't be waiting for the federal government to fund this.
Yeah... that's not happening.
Mayor Mao says that the annual cost of universal childcare will be $6 billion, but independent analysts have estimated the cost at upwards of $15 billion.
The funding plan involves:
- Raising the corporate tax rate to match New Jersey's 11.5%.
- Imposing a flat 2% tax on the wealthiest 1% of New Yorkers earning over $1 million annually.
The state government in Albany would need to approve this.