State Assembly Speaker Carl Heastie just threw his weight behind socialist mayoral hopeful Zohran Mamdani’s plan to squeeze more cash from the city’s top earners.
New York Post reported that in a move that’s got fiscal conservatives raising eyebrows, Heastie, a prominent Bronx Democrat, endorsed Mamdani on Wednesday, signaling strong support for a progressive agenda that includes free buses, no-cost child care, and hefty tax increases on the rich.
This endorsement isn’t just a pat on the back—it’s a promise to push Mamdani’s vision, which hinges on a 2% income tax hike for NYC residents earning over $1 million a year. That’s on top of a proposed corporate tax jump from 7.25% to 11.5%, aligning with New Jersey’s rate. If passed, these measures could rake in $10 billion to fund Mamdani’s ambitious social programs.
Heastie’s backing comes with a nod to history, as he and state Senate Majority Leader Andrew Stewart-Cousins have previously nudged taxes upward on the ultra-wealthy. Back in 2021, they worked with then-Governor Andrew Cuomo to bump the income tax rate from 8.82% to 10.8% for those earning $25 million or more, tackling a COVID-era budget crunch. That hike, initially set to expire in 2026, was quietly extended in this year’s state budget.
But don’t pop the champagne just yet—Heastie himself admits the Assembly is only one piece of the puzzle. Any tax increase needs the green light from the state Senate and Governor Kathy Hochul, who’s already waved a red flag over Mamdani’s proposals, citing fears of losing more high earners to sunnier tax havens like Palm Beach.
Speaking of Hochul, her recent endorsement of Mamdani feels more like a polite handshake than a bear hug, given her firm rejection of these tax hikes. “I don’t want to lose any more people to Palm Beach. We’ve lost enough,” she said in June, drawing a line in the sand that Heastie seems content to tiptoe around.
Critics aren’t mincing words, arguing that Mamdani’s tax dreams are more fantasy than feasible, given the need for broader Albany support. The risk of alienating the city’s affluent crowd looms large, potentially sending more millionaires packing for lower-tax locales. It’s a gamble that could leave New York’s budget in a bind if the revenue doesn’t materialize.
Heastie, for his part, seems unfazed by the pushback, even as progressive lawmakers like Mamdani—an assemblyman from Astoria, Queens—have long pressed him to go harder on the wealthy. In 2021, Mamdani joined others in signing a letter urging Heastie to ramp up taxes on the ultra-rich, though that effort fizzled. Still, the pressure from the left clearly hasn’t let up.
Unlike the more subdued approach Heastie and Stewart-Cousins took with past tax increases, Mamdani’s campaign is a full-throated call to soak the rich. Their 2021 hike and its extension weren’t exactly shouted from the rooftops as a crusade against wealth, often tucked quietly into budget proposals. Mamdani, by contrast, is making tax hikes the centerpiece of his platform.
The mayoral hopeful insists that taxing corporations and high earners is the cleanest path to bankroll his promises. Yet, he’s hinted at flexibility on the “how” if other revenue streams emerge. It’s a pragmatic footnote to an otherwise bold, some might say reckless, fiscal blueprint.
Let’s be real—New York’s tax burden is already a heavyweight champ, and piling on more could test even the most loyal residents’ patience. Mamdani’s $10 billion revenue goal sounds noble for funding child care and buses, but at what cost to the city’s economic engine? It’s a question Albany lawmakers will have to wrestle with, whether they like it or not.
Heastie’s enthusiasm for Mamdani’s ideas is clear, but it’s hard to ignore the political tightrope he’s walking. With Hochul’s skepticism and the Senate’s uncertain stance, this progressive wish list might hit a wall faster than a rush-hour subway delay. Still, Heastie’s clout in the Assembly could keep the conversation alive, even if it’s an uphill slog.
For conservatives watching this unfold, the concern isn’t just about bigger government—it’s about whether New York can afford to scare off the very folks who keep its economy humming. Taxing the rich might feel like an easy win for equity champions, but if the revenue vanishes with the taxpayers, those free buses might never leave the depot.
Mamdani’s proposals, backed by Heastie’s endorsement, are a lightning rod in a state already polarized over wealth and fairness. The debate isn’t just about numbers; it’s about what kind of city—and state—New York wants to be. Will it double down on progressive ideals, or will caution prevail?
As this battle brews in Albany, one thing is certain: the fight over taxing the wealthy is far from over. Heastie’s support for Mamdani may energize the left, but it’s a risky bet in a state where economic realities often trump ideological fervor. Stay tuned, New York—this fiscal showdown is just getting started.
