Mamdani Says He Will Tax the Rich
New York City Mayor Zohran Mamdani says he is making good on a campaign promise to tax the rich. That sounds bold until you look at who already pays the bills. New York State tax data shows millionaires paid 44.6% of all personal income tax in tax year 2024, and the top 200,000 taxpayers paid 51.9%. The bottom 50% paid just 0.2%. That is not a tax system where the rich are “getting away with it.” That is a tax system where a small group is already carrying the load while politicians keep reaching for the same wallet again and again.
The New Tax Targets Empty Apartments
Mamdani and Governor Kathy Hochul announced a pied-a-terre tax, which is a fancy way of saying they want to hit non-resident owners of high-value homes in the city. The plan would apply to one-to-three-family homes, condos, and co-ops worth more than $5 million if the owner’s primary residence is outside New York City. Mamdani argues these homes are often empty while still gaining value, and he calls that unfair. Maybe so, but these owners are not lining up for city services in the same way everyday residents do. The plan is really about taking money from people who create wealth and shifting it to government programs, which is the same old socialist game with better branding and a cleaner suit.
More Spending, Less Safety
Mamdani says the projected $500 million in annual revenue would go toward free childcare, street cleaning, and neighborhood safety. But here is the problem: if he wants safer streets, the easiest answer is to back the police, prosecute criminals, and stop acting like public safety is a group project for social workers. Instead, his record points the other way. He has backed ideas tied to defund-the-police politics, supported fewer prosecutions, and questioned the very meaning of violent crime. He also proposed a $1 billion Department of Community Safety that would send social workers to certain calls instead of police. That is a lot of money for a system that sounds like it was designed by people who think hand-holding is a crime-fighting strategy.
The Math Does Not Work
The city’s projected budget deficit is $5.4 billion, so this tax would cover less than 10% of the shortfall. That is before Mamdani piles on other promises like free buses and grocery stores. He also released a racial equity plan that described shifting tax burdens toward “more expensive homes in richer and whiter neighborhoods,” which tells you plenty about how he thinks about class and race when the bill comes due. On top of that, wealthy New Yorkers are not trapped. They can spend more time in the city, rent units out, move assets around, or simply leave. And many already have. New York’s share of the nation’s millionaires dropped 31% from 2010 to 2022. If politicians keep treating successful people like a bottomless ATM, they should not act shocked when the ATM disappears.
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