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NYC’s Tax Strategy Under Fire | Wilmington News
BlackRock CEO Larry Fink warns New York City’s tax model is unsustainable, citing that 47% of its revenue comes from the top 1%, and fears elite flight could cripple the budget. Fink, who hasn’t spoken to Mayor Mamdani since he was mayor-elect, criticizes the city’s declining quality of life and lack of return on high taxes, contrasting it with the Netherlands’ tax-funded services. Former mayor Scott Singer adds that high taxes are driving businesses and capital to Florida. With the mayor’s office silent and Fink blaming mismanagement, the debate centers on whether New York’s tax strategy is…
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