Mamdani Proposes Massive Estate Tax Exemption Cut From $7M To $750K, Among Other Tax Increases

New York City is facing a projected $5.4 billion budget deficit and a negative credit outlook from Moody’s, and policymakers are proposing a sweeping package of tax increases in response. In this presentation, attorney and CPA Chad Cummings examines the policy memo submitted to Albany by Mayor Zohran Mamdani proposing major changes to New York’s tax structure, including cutting the estate tax exemption from more than $7 million to $750,000, raising the top estate tax rate to 50 percent, increasing the city income tax on high earners, raising corporate tax rates, scaling back the Pass-Through Entity Tax credit, and imposing new taxes on luxury real estate purchases and precious metals. The presentation analyzes the fiscal reasoning behind the proposals, the structural deficit confronting the city, and the potential behavioral response from high-income taxpayers, business owners, and investors who have the financial capacity to relocate to lower-tax jurisdictions such as Florida or Texas. It also explains why estate and business planning decisions must be made before tax liabilities crystallize, not after. Learn more: https://www.cummings.law/redomestication/