New York City mayoral candidate Zohran Mamdani unpacks his plans to reshape the Big Apple and make the city affordable, addresses his relationship with the NYPD and more on ‘The Story.’
New York City mayoral candidate Zohran Mamdani is standing by his proposal to raise taxes on the city’s wealthiest residents and corporations to fund free buses and universal childcare.
Under Mamdani’s plan, the personal income tax rate on the city’s wealthiest 1% would rise by 2 percentage points, while the corporate tax rate would increase to match New Jersey’s 11.5% rate, he told Martha MacCallum on Wednesday on Fox News’ “The Story.”
“I’ve said time and time again that I believe these are the most straightforward ways that we can actually fund universal childcare, making buses fast and free, and I’ve said that the two clear ways to do so: raising personal income taxes on the top 1% by 2% and raising the corporate tax to match that of New Jersey’s corporate tax of 11.5%,” Mamdani said. “Now, if there are other ways to raise this money to fund this agenda, the most important thing is that we fund the agenda.”
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Zohran Mamdani speaks at a rally in New York, New York, on May 10, 2025. (Bing Guan/Reuters / Reuters)
He said he was “thankful” to have the support of New York Gov. Kathy Hochul, as well as the fact that she highlighted their shared commitment to universal childcare for New Yorkers.
“Well, what Andrew Cuomo said is that if he had $959 million, he’d give it to Elon Musk in tax credits because that’s exactly what he did,” Mamdani said, in response to a question about how he would pay for his proposed programs if Governor Hochul refuses to raise taxes. “And I bring that up to you to say that it’s often a question of whether you have the willingness to spend that money to benefit working-class people, not where that money is in the first place.”
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The sun rises behind the Empire State Building as seen from the EdgeNYC observation deck at Hudson Yards on November 8, 2024, in New York City. (Gary Hershorn/Getty Images / Getty Images)
When asked what he would cut to fund his programs, Mamdani said he does not believe any cuts are necessary.
“I don’t think we have to cut, I’ve spoken about raising taxes on the wealthiest,” he said, “And frankly, this is an issue that we have here in New York City, and frankly, even across this country. When I’ve spoken to Trump voters right here in New York City — Hillside Avenue in Queens, Fordham Road in the Bronx — they’ve told me it was the cost of living that drove them to vote for Donald Trump.”
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Mamdani argued that policymakers continue to prioritize billionaires and major corporations over New Yorkers “who can’t even afford to make ends meet.”
New York mayoral candidate Andrew Cuomo visits “The Claman Countdown” at Fox Business Network Studios on October 06, 2025 in New York City. (John Lamparski/Getty Images / Getty Images)
Responding to concerns that free bus service could result in a decline in quality, Mamdani pointed to the city’s pilot program.
“I would say that they should actually look at the report of the five free buses we delivered across New York City,” he said. “We didn’t see an increase in homelessness. We did see an increase in New Yorkers riding the bus. We did see a decrease in assaults on bus drivers by 38.9%, and we also saw a decrease in New Yorkers who were having to take a cab or take their own car.
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He added, “That’s why we care so deeply about this, because of the fact that it can actually deliver economic, public safety, and even congestion relief to New Yorkers who are looking to take these buses.”
