@kaburbank: Huge news out of NY this morning. Mayor Mamdani has partnered with Speaker Menin, who’s faced public backlash for opposing the NYC agenda. Menin is known for opposing tax hikes, until now. The two just held a press conference announcing their plan to close a tax loophole for the rich. By targeting private equity tax breaks, their plan would reduce the Pass Through Entity Tax (PTET) credit from a 100% rebate to 75%, resulting in NYC recovering $1 billion. Mamdani demonstrates how budget shortfalls in the Trump era can be handled at the state level. As a result of a Federal budget centered on tax breaks for the wealthy and cuts to public goods, states face a choice: correct the fiscal imbalance, or face the backlash from forcing working people bear the cost of elites’ lifestyle. NYC has set an example for the nation. Given Zohran’s popularity and proven playbook, the pressure is on for 2026 Presidential hopeful Gavin Newsom. Will he have the courage to meet the moment and accept the new direction of his party? Or settle for edgy tweets?

Jessica Burbank

Open In TikTok:

Region: US

Tuesday 28 April 2026 19:26:08 GMT