The City government is billions of dollars in debt and the tax base has already been significantly eroded yet Mamdani wants to increase both spending and taxes to record levels.
Anyone who believes that members of the middle and lower classes will not be harmed if taxes are increased only on corporations and the wealthy is sorely mistaken. You simply can't increase taxes on the wealthy and not expect their spending, investment and donations to charity to go down and thus unemployment to go up and you can't increase taxes on businesses without expecting them to pass on those increased costs to consumers.
New York State Governor Hochul recently stated that she wants wealthy people who left the state because of increased taxation to come back but gave them no reason whatsoever to do so.
Moody's, Fitch Ratings and the Kroll Bond Rating Agency have lowered their New York City government bond ratings. The government gave the three every reason to do so.
