New York City mayoral candidate Zohran Mamdani is standing by his proposal to raise taxes on the city’s wealthiest residents and corporations to fund free buses and universal childcare.

Under Mamdani’s plan, the personal income tax rate on the city's wealthiest 1% would rise by 2 percentage points, while the corporate tax rate would increase to match New Jersey’s 11.5% rate, he told Martha MacCallum on Wednesday on Fox News' "The Story."

"I've said time and time again that I believe these are the most straightforward ways that we can actually fund universal childcare, making buses fast and free, and I've said that the two clear ways to do so: raising personal income taxes on the top 1% by 2% and raising the corporate tax to match that of New Jersey's corporate tax of 11.5%," Mamdani

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