New York City Mayor Zohran Mamdani wants to significantly reduce the estate tax exemption threshold in New York state. Currently, individuals can pass on over $7 million without being taxed, but Mamdani proposes cutting this limit to just $750,000. Additionally, he seeks to raise the top estate tax rate from 16% to 50%. This proposal is part of a package of potential revenue-raising ideas aimed at addressing a $5.4 billion city budget deficit.
Source: https://www.bloomberg.com/news/articles/2026-03-13/mamdani-wants-new-york-estate-tax-threshold-cut-90-to-750-000