Communist Islamist Mayor Zohran Mamdani has a plan to increase the New York City income tax rate by 2 percentage points for those who earn $1 million or more, from 3.88 percent to 5.88 percent, the equivalent of a 51 percent increase. The New York Times says, “doing so could raise an additional $3 billion in revenue annually [until they all move to Miami, of course.]
According to the New York Times, a household that earns $1 million per year would pay $20,000 more in city taxes. One earning $10 million per year would pay $200,000 more. The plan would affect about 34,000 households, a small but important group to the city budget.
Once this tax is in, it will only increase. When the wealthy move, the burden will fall on the middle class. That’s how socialism works.
According to the NY Times article, millionaires already pay 37% of the city’s taxes. They pay other taxes as well. It also hits all small business owners.
Zohran of Uganda wants to steal more of their money for the so-called struggling people. And 60% of the New York City residents are thrilled about the possibility. They want the rich people’s money. Socialism is the ideology of greed and envy.
The wealthy will leave. So, Zohran’s eventual plan, as he has expressed, is to tax them in perpetuity if they leave. So, if they move to Palm Beach, they will still pay New York City taxes.
WTF?? NYC Mayor Zohran Mamdani announces he’s hitting the wealthy with MAXIMUM taxes to convince others to stop leaving the city:
“I’ll ask those who make the most amount of money [to] pay more so everyone can STAY IN THIS CITY!”
We warned you. pic.twitter.com/KAUnhao5kM
— Dralone&_DR145 (@draloneboy) May 9, 2026
Handouts for Those Who Didn’t Earn It
The Times article continues:
New York City already has the nation’s highest income taxes for the highest earners, with households that make more than $25 million per year paying a combined state and city rate of 14.78 percent. Some experts worry about the effects of further tax increases.
But research shows that past state tax increases have not led to an exodus of wealthy residents. And millionaires have many reasons to stay in New York City; taxes are just one factor guiding where people decide to live.
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The mayor’s office often points to research by the Fiscal Policy Institute, a left-leaning think tank, which found that wealthy residents of New York were less likely to move out of state than those in other income groups, and that they did not leave in large numbers after a major tax increase in 2021.
City officials also highlight how wealthy residents are paying less federal taxes under President Trump’s “big beautiful bill.”
In other words, they got a tax break, so Mamdani will steal it.