New York Mayor Mamdani says city must hike taxes on rich to fill $12 billion deficit

New York Mayor Zohran Mamdani on Wednesday said the city’s wealthiest must pay more in taxes to help fill the staggering $12 billion budget he was left by his predecessors.

Mamdani, in an interview with CNBC’s Andrew Ross Sorkin at City Hall, said his new administration will be up front with New Yorkers about budget issues that have been “hidden from them for far too long.”

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