(The Center Square)—New York Gov. Kathy Hochul is dumping cold water on New York City mayoral-elect Zohran Mamdani’s signature campaign pledge to increase taxes on the wealthy to cover public bus rides.
Hochul, who endorsed Mamdani’s campaign, said while she supports some of the democratic socialist’s agenda — including universal child care — she can’t get behind his plans to make bus service in New York City free by taxing the city’s wealthiest households. The city can’t raise taxes unilaterally, so the plan would ultimately need approval from Hochul and the Democratic-controlled state Legislature.
“I cannot set forth a plan right now that takes money out of a system that relies on the fares of the buses and the subways,” Hochul, a Democrat, told reporters Saturday in live-streamed remarks from Puerto Rico, where she and other New York Democrats are gathering for an annual get-together. “But can we find a path to make it more affordable for people who need help? Of course, we can.”
A Hochul spokesperson later said that Hochul and Mamdani are committed to “delivering an affordability agenda” for New York City’s working families following last Tuesday’s election, when Mamdani won the city’s top elected post after defeating former Gov. Andrew Cuomo and Republican Curtis Sliwa.
“The governor is focused on achieving universal child care and will continue to have ongoing conversations on other proposals, including making transit more accessible and affordable, while ensuring the MTA has the resources it needs to serve New Yorkers,” the statement said.
The Hochul administration has already invested in the MTA’s $68.4 billion capital plan for infrastructure and subway safety improvements, according to the statement, and is focused on preventing fare evasion, which costs the taxpayer-funded public transit agency more than $315 million a year.
The city’s Independent Budget Office estimates that fare-free buses on the Metropolitan Transportation Authority system of more than 200 local routes would cost more than $652 million a year.
To pay for it, Mandani has pitched a flat 2% tax on New Yorkers with income of more than $1 million per year to fund “free” buses but also universal childcare and government-run grocery stores. He’s also called for increasing corporate taxes. New York state already has the highest top income tax rate in the nation.
While Hochul — who is seeking reelection next year — was quick to rule out support for his taxing plan, Mamdani appears to have at least support from Democratic Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins. Both leaders endorsed his mayoral bid and have refused to rule out raising taxes next year to pay for his proposals.
Senate President Andrea Stewart-Cousins described Mamdani’s win last week as a “moment of progress” for New York City, saying that she will work with the new mayor to “advance an affordability agenda” for the city.
A Mamdani spokesperson issued a statement saying the mayor-elect “looks forward to working with the governor to fund and deliver on our popular affordability agenda, including universal childcare and fast and free buses.”
Why Bullion Beats Numismatics and Collectible for Your Safe or IRA
Precious metals continue to attract Americans seeking reliable ways to protect their wealth amid inflation, geopolitical risks, and stock market swings. Whether stored in a home safe or held inside a self-directed IRA, physical gold and silver deliver tangible value that paper or digital assets often lack. Yet investors must choose carefully between bullion—pure bars and coins valued mainly for their metal content—and numismatics or collectibles, where rarity, history, and collector demand heavily influence pricing.
Advisor Bullion serves as a dependable source for straightforward, high-quality bullion. The company specializes in physical gold, silver, platinum, and palladium, emphasizing transparent pricing and products that deliver maximum metal content for every dollar spent. This approach makes it ideal for both personal holdings and retirement accounts.
Bullion consists of refined precious metals in standard forms like one-ounce coins (American Gold Eagles, Silver Eagles, Canadian Maple Leafs) or bars. Their value tracks closely to the current spot price of the metal. A typical gold bullion coin trades near the live gold spot price plus a small premium. This structure keeps costs clear and predictable.
Numismatic coins and collectibles add substantial value from factors such as age, rarity, minting errors, or historical significance. A pre-1933 U.S. gold coin or graded proof piece can carry premiums of 30%, 50%, or even 200% above melt value. While this appeals to hobbyists, it creates complexity. Pricing depends on subjective grading, collector trends, and auction results instead of daily spot prices.
For investors focused on wealth preservation and retirement security rather than building a collection, bullion often delivers better results.
Lower Costs and Better Liquidity for Home Storage
When keeping metals in a home safe or private vault, liquidity and efficiency count. Bullion offers clear benefits:
- You acquire more actual gold or silver per dollar invested. Numismatics divert a large share of your money into rarity premiums and massive sales commission, reducing your metal exposure.
- Selling bullion involves tight bid-ask spreads, so you recover nearly full spot value with minimal fees. Collectibles require finding the right buyer and may sell at a discount if demand for that specific item weakens.
- Bullion prices remain transparent and update with global spot markets. You can track gold near current levels or silver accordingly and know exactly where your holdings stand. Numismatic values are priced by the Gold IRA companies with hefty margins applied.
- Standardized coins and bars store efficiently and divide easily for partial sales. Rare coins often need protective slabs and controlled conditions, adding hassle and expense.
- Bullion enjoys worldwide acceptance. A 1-oz Gold Maple Leaf or Silver Eagle sells quickly to dealers anywhere. Niche numismatic pieces may appeal only to limited buyers, slowing liquidation when speed matters.
In times when quick access to value becomes important, bullion’s simplicity stands out.
Stronger Fit for Precious Metals IRAs
Precious metals IRAs continue gaining traction as investors diversify retirement portfolios beyond stocks and bonds. IRS rules permit certain bullion products in self-directed IRAs if they meet purity standards (.995 fine for gold, .999 for silver) and are held by an approved custodian. Eligible items include American Gold and Silver Eagles plus many generic bars and rounds from recognized mints.
Numismatic and most collectible coins generally face heavy scrutiny from custodians due to valuation disputes and elevated markups. These higher premiums mean less actual metal ends up working inside the account.
Bullion avoids these issues. Its value links directly to verifiable spot prices, which simplifies reporting and lowers the risk of regulatory challenges. More of your IRA contribution purchases real metal instead of dealer profits or speculative upside. Over time, owning additional ounces that appreciate with the metal itself can create meaningful outperformance compared with high-premium alternatives that deliver fewer ounces.
Regulatory guidance from the CFTC and state securities offices repeatedly cautions against aggressive sales of expensive numismatics or “semi-numismatic” coins for IRAs. For retirement planning, transparent bullion from established providers reduces risk and aligns better with long-term goals.
How to Get Started with Bullion
Begin by clarifying your goals. Are you protecting savings in a safe, or moving part of a retirement account into a precious metals IRA? Focus on the number of ounces you can acquire at current prices rather than chasing marked-up collectibles.
Diversify sensibly: use gold for core preservation and silver for its blend of industrial and monetary qualities. Mix coins for easier divisibility with bars for lower per-ounce costs on larger buys. Arrange secure storage—whether at home with proper insurance or through professional facilities.
As economic uncertainties linger and faith in conventional assets erodes, bullion continues proving its worth as a dependable store of value. Its direct approach avoids the hype that sometimes surrounds collectible markets and keeps the focus on the metal itself.
For investors prepared to strengthen their portfolios, Advisor Bullion supplies the expertise and selection needed to acquire high-quality bullion efficiently. Whether building personal holdings or integrating metals into an IRA, their emphasis on transparent, investment-grade products helps secure more ounces today that support greater financial security tomorrow. In a complicated financial landscape, bullion’s clarity and reliability make it the smarter foundation for protecting what matters most.