Millionaire Tax Plan, Nov. 8 -- New York City (NYC) mayor-elect Zohran Mamdani has proposed a tax plan during his campaign, which aims to target the wealthiest Americans living in the city in order to fund other developmental infrastructure needs for the people.

According to a recent Forbes report, Mamdani plans to tax the millionaires living in New York to raise funds for projects like universal free early childcare services, free bus rides for the public and cut down the housing costs in the city.

Zohran Mamdani, during his campaign, proposed that once he comes to power, the 33-year-old Democratic Socialist will impose a 2% tax rate on the wealthiest 1% of New Yorkers who earn more than $1 million every year.

This proposal seeks to r...