When Zohran Mamdani and his supporters talk of taxing the rich , they usually mean it on a personal level — referring to his proposal to raise income taxes on New York City residents with annual incomes over $1 million. He estimated this would raise $4 billion a year to help fund his expansive agenda, including universal childcare. Less attention was paid to the larger of Mamdani’s tax bids — a proposal to raise $5 billion by elevating New York’s top tax rate on corporations from 7.25% to match