{"id":183392,"date":"2025-08-29T00:05:15","date_gmt":"2025-08-29T00:05:15","guid":{"rendered":"https:\/\/www.europesays.com\/us\/183392\/"},"modified":"2025-08-29T00:05:15","modified_gmt":"2025-08-29T00:05:15","slug":"with-the-rich-already-fleeing-new-york-wholl-be-left-for-zohran-mamdani-to-tax","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/183392\/","title":{"rendered":"With the rich ALREADY fleeing New York, who’ll be left for Zohran Mamdani to tax?"},"content":{"rendered":"

Anyone who thinks Zohran Mamdani\u2019s plans to tax the rich are remotely workable, beware: The city\u2019s share of \u201cthe rich\u201d is already shrinking.<\/p>\n

So if Mamdani gets his way, there soon might be no one at all left to squeeze.<\/p>\n

From 2010 to 2022, the Citizens Budget Committee reports, New York state\u2019s share of taxpayers with more than $1 million in federal adjusted gross income shrunk by almost a third \u2014 from 12.7% to 8.7%.<\/p>\n

The city\u2019s share also fell, from 6.5% to 4.2%.<\/p>\n

New York\u2019s loss was<\/a> other states\u2019 gain, particularly Florida, Texas and even California.<\/p>\n

\t\t\tMore From\t\t\t\t\t\t\tPost Editorial Board<\/p>\n

Thanks to inflation, the gross number of million-plus earners in New York grew, but it less than doubled; it tripled in California and Texas and quadrupled in Florida.<\/p>\n

New York\u2019s losses come with a steep cost, the CBC warns: \u201cHad New York State and City had the same share of millionaires in 2022 as they did in 2010, the State would have received $10.7 billion more\u201d in personal-income-tax revenue, and \u201cthe City $2.5 billion more. More millionaires mean more PIT revenue.\u201d<\/p>\n<\/p>\n

Why are the wealthy and businesses choosing other states? The city and state\u2019s combined highest-in-the-nation income-tax rates surely have a lot to do with it.<\/p>\n

Yet Mamdani wants to raise taxes<\/a> on the rich and on businesses even higher, and much of the Legislature agrees.<\/p>\n

New York will lose even more ground, with revenues falling far short of the socialists\u2019 starry dreams. <\/p>\n

Hiking taxes risks \u201cperpetuating or accelerating the decline,\u201d warns CBC boss Andrew Rein.<\/p>\n

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Yes, other factors \u2014 crime rates, schools, broader quality of life \u2014 are important, too, in determining where rich folks and companies locate.<\/p>\n

But Mamdani is essentially pro-crime, and vows to keep kids locked in failing city schools.<\/p>\n

The CBC has it right<\/a>: \u201cMillionaires are critical to New York\u2019s tax base.\u201d<\/p>\n

Though they make up of less than 1% of the state\u2019s and city\u2019s resident taxpayers, they account for 44% of Albany\u2019s income-tax revenue and 40% of the city\u2019s.<\/p>\n

If New York pols hope to hang on to the rich \u2014 i.e., to their tax base \u2014 they should look not at raising taxes but lowering them.<\/p>\n","protected":false},"excerpt":{"rendered":"Anyone who thinks Zohran Mamdani\u2019s plans to tax the rich are remotely workable, beware: The city\u2019s share of…\n","protected":false},"author":3,"featured_media":183393,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,244,276,4219,4691,723,30674,405,403,5226,5225,5228,5227,1269,4143,7546,3060,618,12894,358,67,586,132,5230,68,2969,39547,5301],"class_list":{"0":"post-183392","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-billionaires","10":"tag-california","11":"tag-crime","12":"tag-editorial","13":"tag-florida","14":"tag-millionaires","15":"tag-new-york","16":"tag-new-york-city","17":"tag-newyork","18":"tag-newyorkcity","19":"tag-ny","20":"tag-nyc","21":"tag-opinion","22":"tag-revenue","23":"tag-rich","24":"tag-schools","25":"tag-taxes","26":"tag-taxpayers","27":"tag-texas","28":"tag-united-states","29":"tag-united-states-of-america","30":"tag-unitedstates","31":"tag-unitedstatesofamerica","32":"tag-us","33":"tag-usa","34":"tag-wealthy","35":"tag-zohran-mamdani"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115109136027876232","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/183392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=183392"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/183392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/183393"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=183392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=183392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=183392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}