Millionaire Tax Plan: New York City (NYC) mayor-elect Zohran Mamdani has proposed a tax plan during his campaign, which aims to target the wealthiest Americans living in the city in order to fund other developmental infrastructure needs for the people. Also Read | NYC Mayor Election Live: Mamdani open to working with his billionaire critics

What is the Millionaire Tax Plan?

Zohran Mamdani, during his campaign, proposed that once he comes to power, the 33-year-old Democratic Socialist will impose a 2% tax rate on the wealthiest 1% of New Yorkers who earn more than $1 million every year.

This proposal seeks to raise $4 billion per year, which will go towards the developmental infrastructure needs for the residents of the city.

“This tiny share of the city population,” according to

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