The proposed surtax—the 2% extra tax rate would only apply to earnings over $1 million—would, Mamdani suggests, make New York’s tax more progressive. The federal income tax system, he points out, is ...

The One Big Beautiful Bill Act has supersized the standard deduction for seniors. Starting with 2025 federal returns (filed in 2026), taxpayers 65 and older can claim up to $6,000 in addition to the ...