Mansion tax

No. It's a transfer tax and not deductible: http://www.irs.gov/taxtopics/tc503.html

What if it's not a mansion?

With one bedroom's often going for over a million , that's no joke.

The joke is that the "mansion" tax is imposed on tiny apartments.

The "mansion" tax should be recalibrated to reflect the true cost of "mansions" in NYC today.

I think $10 million would be fair.

how will you make up the lost revenue?

Does mansion tax reduce your cost basis for capital gains purpose?

Perhaps...
Truth is real estate funds a great deal in NY.
It's not just the mansion tax..
add
transfer tax & mortgage recording tax

No wonder NY is financially constrained.

"how will you make up the lost revenue?"

I guess the city would have to just MAKE DO like the rest of New Yorkers do when we lose "revenue".

The answer is obvious...

reduction of pension benefits.

But how?

All you ever do is complain.

How?

Or maybe the city should get out of the business of supporting people who refuse to work for a living.