NEW YORK CITY—New York City Mayor Zohran Mamdani is renewing his request to raise taxes on the rich, cutting a tax credit used by business owners to reduce their federal tax burden.
The mayor is asking to reduce the pass through entity tax credit, known as PTET.
“The PTET is essentially a loophole that allows high-income earners to reduce their federal tax burden. Who benefits? Millionaires and multimillionaires,” Mamdani said at New York City Hall on April 28.
City Council Speaker Julie Menin joined the mayor to call on Albany to help New York City balance its budget by changing PTET. Menin has been at odds with the mayor over protest buffer zone legislation he vetoed last week, as well as disagreements over how to balance the budget. Today she joined the mayor to ask the state for help and to announce an extension for the city’s executive budget until May 12. By law, the executive budget is due May 1….