New Yorkers keep hearing the slogan “tax the rich.” But take a closer look at what’s actually being proposed. Mayor Zohran Mamdani is pushing a plan to slash the estate tax threshold from $7 million to $750,000 while raising the top estate tax rate to 50%.

Let’s be serious. In New York City, $750K is not a mansion. That’s a regular home in many neighborhoods. Which means this policy wouldn’t just hit billionaires. It could hit the transit worker in Queens. The teacher in Staten Island. The NYPD officer in the Bronx. The FDNY...See more