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@WallStreetMav
🚨NYC Mayor socialist Zohran Mamdani has proposed lowering the exemption on the death tax (estate tax) from $7.1 million down to only $750,000.
He would also increase the death tax from 16% to 50%.
No other jurisdiction in the USA confiscates wealth at death from people with that small of an estate. Anyone with any equity in a home in NYC would likely exceed the $750,000 and have to pay the death tax.
There is a federal estate tax (death) for estate wealth that exceeds $15 million (individuals). However, you can deduct other state and city estate taxes before paying the federal estate tax. So effectively, Mamdani is preventing the federal govt from taxing estates, NYC and NY State are taking it all first.