'Trying To Tax Us Into Oblivion': Top NYC Republican Hammers Mamdani's Preliminary Budget

Forbes Business

by ForbesTV, Forbes Staff

February 19, 2026

AI-Generated Deep Dive Summary

The New York City Council’s Minority Leader David Carr has criticized Mayor Zohran Mamdani’s proposed budget, calling it excessive and warning of its potential long-term harm to city residents and businesses. Carr, a Republican, expressed strong opposition during his appearance on "Forbes Newsroom," highlighting concerns over rising taxes and their impact on property owners and small businesses. Carr emphasized that the budget’s reliance on increased property taxes could strain commercial spaces, leading to higher costs for goods and services. He also pointed out that the proposed tax increases come amid ongoing economic challenges, including inflation and rising operational expenses. Carr’s critique underscores a broader debate over how city leaders balance revenue needs with the financial burden on taxpayers. This discussion is particularly relevant for business readers, as high taxes can deter investment and entrepreneurship, potentially stifling economic growth. Carr’s stance highlights the importance of responsible fiscal policies in maintaining a thriving business environment. His call for transparency and accountability in budgeting reflects a broader concern over how municipal spending impacts local economies and innovation. The debate over Mamdani’s budget also touches on key issues like property tax reform and the sustainability of city services. As New York City navigates economic uncertainties, Carr’s criticism serves as a reminder of the delicate balance between funding public programs and avoiding overtaxation that could harm businesses and residents alike.

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Originally published on Forbes Business on 2/19/2026