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Friday, November 7, 2025

Mamdani schmoozes with NY Dem leaders key to passing his socialist ‘tax the rich’ plans

 The TaxMam cometh.

Mayor-elect Zohran Mamdani was spotted rubbing elbows in Puerto Rico on Friday with state legislative leaders, who hailed him as the “man of the hour” — as the Democratic socialist took jabs at President Trump and doubled down on his pledge to take on his “authoritarian” administration.

Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins hosted a reception during the annual SOMOS conference, where Mamdani was among those palling around with the very lawmakers he’ll need to make his “tax the rich” dreams come true.

“We’ve had to face opposition on our way here; some of that opposition can total tens of millions of dollars,” the 34-year-old Assemblyman quipped to the large crowd of longtime pols.

Mamdani attends the SOMOS Leadership Reception hosted by state Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie.Craig McCarthy/NY Post

“What we have seen time and time again is the very voters we have read obituaries of leaving the Democratic party, can be won back if we actually treat them with the respect and recognition that they deserve,” he added, seemingly knocking the Democratic party’s inability to connect with voters.

Mamdani urged the crowd to join forces as “partners” to prove to New Yorkers that the Democratic Party can deliver real improvements while restoring their faith in government “lost a long time ago.”

Mamdani was spotted rubbing elbows with the very lawmakers he’ll need to make his “tax the rich” dreams come true.Craig McCarthy/NY Post

“Because in this moment lies that opportunity to address both the authoritarian administration in Washington, DC, and the affordability crisis that has ravaged our city,” the Ugandan-born pol pressed.

“And I look forward to doing so with the incredible leaders that have been fighting for this very thing in the one-house budgets you can see every single year in Albany, and to be the partner coming from New York City who works together to amplify that work and, most importantly, deliver on that work.”

Heastie introduced Mamdani as the “man of the hour” and “the most important guy in the world,” joking that all the “good things” the mayor-elect knows, he learned from him — with Mamdani later teasing that he was “really proud” of himself for introducing the influential Bronx lawmaker to Prince’s music.

Assembly Speaker Carl Heastie, seen with Gov. Kathy Hochul at SOMOS in 2022, praised Mamdani as the “man of the hour.”James Keivom

“The message of caring about people actually trumps, and pun intended, trumps the bulls–t,” said Heastie, one of New York’s most powerful Democrats, who later told reporters the assembly will throw its support behind helping Mamdani achieve his “tax the rich” agenda.

“We want to help him in his agenda, and we’ll talk about it. I think it’s a global conversation that we’re going to have to have about how to best do right by the people of the state of New York and also try to help the mayor-elect in his agenda.”

Stewart-Cousins also boasted about the newfound partnership between the state legislature’s chambers, Gov. Kathy Hochul and Mamdani.

Stewart-Cousins, seen last month in New York City, touted the Empire State’s newfound unity with Mamdani taking over as mayor in January.ZUMAPRESS.com

“We know that el momento is nuestro — the moment is ours,” the longtime state senator said.

“We know the assignment, but there’s never been more unity between both houses, the governor, the attorney general, and of course, our amazing partner who’s leading New York City.”

The incoming democratic socialist mayor told The Post his historic election Tuesday showed New Yorkers will support his plans to hike taxes on millionaires and corporations.

Mamdani greeting lawmakers and attendees at the SOMOS annual conference in Puerto Rico.Craig McCarthy/NY Post

“I think what we see is an unparalleled excitement, and finally putting forward an affirmative vision — the affordability agenda — and the necessity of funding that agenda,” he said earlier Friday, at the Islamic Center Montehiedra, a mosque in San Juan.

“I think these are two tax proposals that make sense.”

Mamdani wants to impose a 2% income tax on New York City residents who make more than $1 million a year and hike the corporate tax from 7.25% to 11.5%, the same as in New Jersey.

Mamdani distributes meals at a mosque in San Juan, Puerto Rico, Friday.REUTERS

Doing so would pay the lion’s share of Mamdani’s freebie-filled promises to provide no-cost child care, free buses and more, he argues.

But Mamdani said that he won’t be so rigid when it comes to how to fund his $10 billion plans.

“I’m also open to any proposal that would fund it at the end,” he told The Post.

Mamdani’s vision of having the wealthy foot the bill for his proposals has received resistance from his erstwhile ally, Gov. Kathy Hochul, who argued it would drive rich New Yorkers and businesses from the state.

Mamdani speaks to members of the Centro Islamico at San Juan Mosque on Friday.Getty Images

Hochul’s stance has led to awkward confrontations in which Mamdani supporters have chanted “tax the rich” at her, including at SOMOS.

“The more you push me, the more I’m not going to do what you want,” Hochul warned the raucous crowd outside the El Caribe Hilton Thursday night.

Heastie and Stewart-Cousins have shown more openness toward soaking the rich.

The Assembly speaker bluntly said in September that he would wield his influence in Albany to tax the rich.2

“Millionaire taxes poll extremely well,” he said at the time.

Stewart-Cousins hasn’t explicitly said she supports Mamdani’s plans, but she and state senators have included provisions to increase taxes on the rich in their largely symbolic one-house budget proposals.

Many Democrats in Albany have also been increasingly vocal that they’re open to Mamdani’s tax increases.

https://nypost.com/2025/11/07/us-news/zohran-mamdani-schmoozes-with-ny-dem-leaders-wholl-be-key-to-passing-his-socialist-tax-the-rich-plans/

SCOTUS allows govt to withhold some SNAP funds

 The United States Supreme Court granted the emergency appeal filed by the administration of President Donald Trump to withhold some payments under the Supplemental Nutrition Assistance Program (SNAP), overturning a previous appeals court decision.

The ruling will allow the White House to disburse payments from the contingency fund for November, as the administration had requested from the Supreme Court, amid the ongoing government shutdown affecting federal government programs.

"The Supreme Court just granted our administrative stay in this case. Our attorneys will not stop fighting, day and night, to defend and advance President Trump’s agenda," US Attorney General Pam Bondi said of the ruling.

https://breakingthenews.net/Article/SCOTUS-allows-govt-to-withhold-some-SNAP-funds/65148022

'Meta details $600B US investment pledge that led to hot-mic Zuckerberg-Trump moment'

 

  • Meta has formally announced a $600 billion US investment.
  • Mark Zuckerberg initially discussed the pledge at a White House dinner in September, and later in a hot-mic moment with Trump.
  • The money will "support AI technology, infrastructure, and workforce expansion," Meta said.

The $600 billion US investment that Mark Zuckerberg previously floated at a White House dinner with Trump is set to become a reality.

In a blog post published by Meta on Friday, the company said that it would commit over $600 billion to the US by 2028 to "support AI technology, infrastructure, and workforce expansion."

The details follow a September pledge by Zuckerberg during a meal with Trump and other AI leaders, where he said Meta would invest "something like, I don't know, at least $600 billion through 2028 in the US."

At the time, Zuckerberg appeared to express some uncertainty about the exact number. In a side conversation with President Donald Trump, audible during a hot-mic moment, Zuckerberg was heard saying, "I wasn't sure what number you wanted to go with."

At a Goldman Sachs conference in San Francisco later that month, Meta CFO Susan Li talked more about Zuckerberg's pledge. The overall number referred to "the total envelope" of Meta's US investment plans from this year through 2028, Li said. That includes all Meta's data center infrastructure plans in the US as well as "all the investments that go towards supporting our US business operations," including the personnel Meta hires, she added.

Fast forward to today, and Meta is now formalizing the $600 billion figure and providing more details about how it will allocate the money.

Meta said it will use the funds to develop AI data center designs that reduce water use, aiming to become "water positive" by 2030 —meaning it will return more water to the environment than it consumes.

"By building in the US, we're not only advancing AI technology and infrastructure, but also creating jobs, supporting local economies, and reinforcing America's technological leadership," Meta said.

Since 2010, Meta said its data center initiatives have supported 30,000 skilled trade jobs and 5,000 operational jobs.

"We're currently bringing more than $20 billion in business to subcontractors across the US, supporting steel workers, pipefitters, electricians, fiber technicians, and others who are building the next generation of AI-optimized data centers," Meta added.

Meta has increased its capex spending, much of which is on AI data centers and infrastructure, which is expected to reach new heights in the coming year.

Zuckerberg has said the risk of overbuilding AI infrastructure is worth it if it means not falling behind in the race to superintelligence.

In what Zuckerberg called the "very worst case" on Meta's recent earnings call, the company would simply have "pre-built for a couple of years," eating some depreciation costs and eventually growing into the extra capacity.

https://www.msn.com/en-us/money/markets/meta-details-600-billion-us-investment-pledge-that-led-to-a-hot-mic-moment-between-zuckerberg-and-trump/ar-AA1Q1rzB

Metsera enters merger agreement with Pfizer

 Metsera, an obesity drug developer, said on Friday that it has entered into an amended merger agreement with Pfizer, in which the New York-based company will acquire Metsera for up to $86.25 per share.

Metsera's board has recommended that its shareholders "approve the adoption of the amended Pfizer merger agreement and approve the merger with Pfizer."

https://www.streetinsider.com/Reuters/Metsera+enters+merger+agreement+with+Pfizer/25579753.html

Cheap Power Is The Secret To Winning The Global AI Race

 by Irina Slav via OilPrice.com,

  • Nvidia CEO Jensen Huang publicly stated that China is positioned to win the global AI race due to its significantly lower energy costs and less stringent regulation compared to the United States and Europe.

  • The pursuit of net-zero ambitions has led to high electricity costs in the UK and EU, which directly threatens their plans to become AI superpowers, as AI development is highly dependent on affordable power.

  • The surge in demand for electricity from data centers is driving up power prices even in the energy-rich United States, potentially jeopardizing the country's lead in artificial intelligence.

Not long ago, the UK’s Prime Minister declared his government would turn the country into an “AI superpower”. The EU leadership has similar plans for the bloc—while China and the U.S. race ahead without looking back. Neither the UK nor the EU will catch up soon. Their energy is too expensive. Now, Nvidia’s boss is warning that even the United States’ energy costs may be too high to help it win the race.

“China is going to win the AI race.” Jensen Huang made the blunt statement at the Financial Times’ Future of AI Summit this week, going on to list as reasons for this prediction the fact that China enjoyed lower energy costs and, perhaps somewhat surprisingly, less regulation than the United States. He then proceeded to accuse the collective West of “cynicism” with regard to the AI pursuit, calling for some optimism instead. “Power is free” in China, he said, referring to generous state subsidies for the industry—and likely to the fact that China has a lot of low-cost hydrocarbon power generation, unlike, notably, the UK and the EU.

In fairness, Nvidia’s chief executive has a very good reason to be angry with the U.S. leadership. Beijing this week banned foreign microchips from AI data centers receiving state funding. Per the new regulation, new data centers are to only use Chinese-made chips, Reuters reported, citing unnamed sources. It was unclear from the report whether the regulation had a national or local scope, but in either case, Nvidia chip sales to China would be affected by it.

Personal reasons for disgruntlement aside, Huang’s critique of energy policies and overall regulation are quite on point. The European Union is a perfect case in point: it has for years used regulation as a means of stimulating innovation and competitiveness, only to achieve the complete opposite, drawing strong criticism from industries about it.

The UK, meanwhile, is a perfect case in point on energy costs. The country has some of the highest electricity prices in the world because of the net-zero push by several successive governments. AI development, however, depends on low electricity costs. In other words, the UK’s AI superpower dream will likely remain a dream unless the Starmer cabinet finds a way to bring costs down—even though Nvidia recently announced plans to invest $2 billion in fostering an AI startup culture in the UK.

Yet even in the United States, which is a lot more self-sufficient in affordable energy than either the UK or the EU, the artificial intelligence race is driving electricity prices higher, which may jeopardise the country’s success in that race. Earlier this year, the biggest capacity auction in the country, covering a fifth of Americans, ended with a record-high price of $329.14 per megawatt-day. The number was 22% higher than the final price of last year’s auction and reflected the surge in demand for electricity driven by the data center industry. States with high concentrations of data centers are seeing soaring electricity prices that some households are struggling to pay.

Meanwhile, China is subsidizing its AI industry and building new coal plants to ensure stable, reliable, and affordable electricity even as it remains the largest wind and solar installer in the world. Since 2021, the Chinese state has paid an estimated $100 billion in subsidies to the AI industry, Reuters reported this week, after reviewing government tenders in that sector. Nvidia’s CEO has criticized the Trump administration openly for its export curbs on chips, saying it was smart to keep Chinese AI developers hooked on U.S. chips, which, of course, would also boost Nvidia’s profits, but the Trump administration has refused to listen, focusing on what it sees as a risk of the Chinese government using U.S. chips in military technology.

Corporate interests aside, however, it is true that energy costs will determine the winner of the AI race.

The challenge for the West is to choose between bringing those costs down and suffering defeat in AI as it remains focused on net zero ambitions.

https://www.zerohedge.com/energy/cheap-power-secret-winning-global-ai-race