No, An NYC Mayor Cannot Create an Estate Tax (But What if He Could?) Last week, in a move that surprised no one who was listening to his campaign promises, the NYC Mayor proposed to decrease New York’s current estate tax exemption from $7,350,000 to $750,000, and increase its highest estate tax rate from 16% to 50%. And while it only took 30 seconds for middle class New Yorkers to realize they were considered the people “not paying their fair share”, it didn’t dawn on them that they have another 3 ¾ years with this guy in charge. Before some of you start succumbing to another bout of Mandami Derangement Syndrome, let me remind you that a Mayor
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