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Zohran Mamdani: “More than 95% of PTET credits go to those making more than…”

Featuring: Zohran Mamdani, Democratic | Mayor of New York City

JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline

Published April 28, 2026 | Video Starts at 01:44

And we have done so because the PTET is essentially a loophole that allows high income earners to reduce their federal tax burden. Who benefits? Millionaires and multimillionaires. More than 95% of PTET credits go to those making more than $1 million a year. More than 80% go to those earning more than $5 million a year. The PT, in short, is a tax cut for the rich. We are not calling to eliminate the credit. (01:44–01:50)

CLAIM

Asserts that over 95% of PTET credits benefit individuals earning over $1 million annually.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Zohran Mamdani

“New York City generates more than 55% of state revenue, but receives less than 42% in return.”
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“With the pied a terre tax, we are creating a new sustainable revenue stream that will bring in at least $500 million each year.”
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“95% of recipients of that tax credit earning more than $1 million a year and 80% earning more than $5 million a year.”
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“If we were to reduce this tax credit by just a quarter, as the speaker said, we would be talking about raising nearly a billion dollars in…”
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“New York City faces a budget crisis of a historic magnitude.”
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“We inherited a deficit larger than any since the Great Recession.”
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“More than 80% [of PTET credits] go to those earning more than $5 million a year.”
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“That change [reducing PTET from 100% to 75%] alone will generate nearly $1 billion in additional revenue.”
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“The pied a terre tax... would increase the fees on secondary homes of non-resident New Yorkers that are valued at more than $5 million.”
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“We are looking at a fiscal deficit the likes of which the city has not seen since the Great Recession.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 08:47-08:54
“The city already funds these systems at more than 86%.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 11:14-11:19
“We inherited a fiscal crisis the likes of which New Yorkers had not seen since the Great Recession.”
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“We had reached an agreement of extending our own budget process and that we would be calling upon the state to reduce the PTET tax credit.”
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“We inherited a fiscal crisis of such scale that we are not yet at that finish line.”
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“We put the PTET and the reduction of that credit in a letter to Albany leaders on. I think it was about March 3, which was then promptly…”
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“95% of its recipients [of the tax credit] make more than a million dollars a year, more than 80% make more than $5 million a year.”
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“We put forward a proposal to save about $1.7 billion by finding inefficiencies, any examples of fraud or waste, through our chief savings…”
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“There is no amount of savings we can find that would absolve Albany of the need to continue to partner with the city to deliver that…”
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“We have seen how New York City was singled out more than a decade ago and has never received that AIM funding.”
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“If we were to have received that AIM funding since the moment it was stripped from the city, we would actually not require any additional…”
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