Mamdani and Trump's NYC Clash

The proposal has created an unlikely alliance between Mamdani and Governor Kathy Hochul, but has drawn fierce opposition from billionaire hedge fund managers.

Trump's criticism marks his most direct rebuke of the democratic socialist mayor since their friendly White House meetings earlier this year.

Mamdani defended the plan on 'CBS Mornings,' arguing that taxing the ultra-wealthy is necessary to provide cost-of-living relief for residents impacted by the Iran war.

The mayor also faced scrutiny after tax filings revealed he is still earning royalties from his former career as a rapper.