The title makes four claims and each is checkable.
It is not a wealth tax. No proposal in play taxes net worth. The two income measures - a two-point city surcharge on income over $1 million and a state corporate rate moving from 7.25 to 11.5 percent - are income taxes. The $5 million measure is a property-tax surcharge, attaching to 'the covered property's statement of account and... due and payable in the same manner as real property taxes' [2]. No debt netting, no asset aggregation.
It is not proposed. It is Part HH of the FY2026-27 State Budget, enacted May 26, 2026, effective July 1, and codified at Tax Law Article 30-C [3]. The video's own audio undercuts its description, quoting Mamdani sending notices to owners - which is implementation, not a proposal [1].
It is not his. It was in Governor Hochul's budget, and it descends from a 2019 state senate bill [4] introduced seven years before his mayoralty.
Now the structural one. Under New York Tax Law sections 1301 and 1304, New York City may levy a personal income tax only 'at the rates specified in section 1304' [5]. The rate table is state law. A mayor cannot raise it. Hochul has said she is 'not raising taxes on high net-worth people right now.' Neither headline income plank is enacted.
Two things cut the other way and belong here.
The video is in one respect more generous than the law: the enacted first phase reaches condominiums and co-ops at $1 million, not $5 million, at rates up to 6.5 percent [2].
The fiscal criticism also has real support. The Cato Institute scores the corporate plank below $3.8 billion against a claimed $5 billion, and the city Comptroller's own analysis puts the pied-a-terre tax at $340 to $380 million against a $500 million target [6]. On migration the evidence is contested rather than settled - the Fiscal Policy Institute finds 'no statistically significant evidence of tax migration in New York,' while other analyses claim far larger losses. This newsroom is not resolving that.
