India, March 15 -- New York City Mayor Zohran Mamdani has backed a proposal that could reshape New York's estate tax system, including raising the top rate to 50 percent and sharply lowering the threshold at which the tax applies.

The idea surfaced in a memo circulated by the mayor's office to state lawmakers during ongoing budget discussions. According to Bloomberg News, the document listed nearly a dozen potential revenue-raising measures as officials look for ways to address the city's mounting fiscal pressures.

One of the most notable proposals would reduce New York's estate tax exemption from more than $7 million to $750,000. At the same time, the top estate tax rate could increase from the current 16 percent to 50 percent.

The pr...