Mamdani in NYC is enraging the wealthy, and he’s looking for less of an income tax. ~2% increase on income over $1 million.
…he has proposed creating an additional tax bracket for New York City residents with income over $1 million, which would be taxed at 5.9%.
In addition to increasing income taxes, Mamdani has proposed raising the state’s highest corporate tax rate from 7.25% to 11.5%.
The purpose of shrieking about capital flight is not to legitimately warn the public of an actual danger. It’s to scare them into inaction. They declare that any incursion into their wealth, no matter how slight will bring about the end of the world because it’s possible to build momentum from there and the rich might actually have to contribute something other than their existence.
Mamdani in NYC is enraging the wealthy, and he’s looking for less of an income tax. ~2% increase on income over $1 million.
The purpose of shrieking about capital flight is not to legitimately warn the public of an actual danger. It’s to scare them into inaction. They declare that any incursion into their wealth, no matter how slight will bring about the end of the world because it’s possible to build momentum from there and the rich might actually have to contribute something other than their existence.