Will Mamdani’s Proposed Millionaire Tax Save Or Sink New York City?
The post Will Mamdani’s Proposed Millionaire Tax Save Or Sink New York City? appeared on BitcoinEthereumNews.com. NEW YORK, NEW YORK – JUNE 24: Mayoral candidates State Rep. Zohran Mamdani (D-NY) and NYC Comptroller Brad Lander speak with members of the press and greet voters on Broadway. Michael M. Santiago/Getty Images What’s would be the real result of a new millionaire tax in New York City? Billionaire Bill Ackman, founder and CEO of Pershing Square Capital Management, suggests the answer is that wealthy taxpayers will flee. In a post on X (formerly Twitter), Ackman lamented Zohran Mamdani’s Democratic primary win in the New York City mayoral race, by stating, “New York City under Mamdani is about to become much more dangerous and economically unviable.” Ackman’s post, which has garnered more than four million views, was a direct response to Mamdani’s surprise Democratic primary win in the Big Apple. The 33-year-old Democrat garnered 44% of the vote running on a progressive agenda focused on making life in New York City more affordable. Mamdani’s Millionaire Tax Plan Funding that agenda will take money—and Mamdani has a plan to raise revenues without tapping the middle class. In addition to bumping up the corporate tax, Mamdani has proposed a 2% tax on what his campaign calls “the wealthiest 1% of New Yorkers—those earning above $1 million annually.” His platform estimates this “millionaire tax” will raise $4 billion annually to help fund projects like universal free early childcare, free bus rides and more affordable housing. The numbers, Mamdani says, mean that the tax would impact about 34,000 households. “This tiny share of the city population,” he says on his website, “takes home 35 percent of all income earned by New York City residents.” That same 1%, he explains, also benefited from a tax cut under President Trump’s 2017 Tax Cuts and Jobs Act (TCJA) which cut the top marginal rate from 39.6% to…
The post Will Mamdani’s Proposed Millionaire Tax Save Or Sink New York City? appeared on BitcoinEthereumNews.com.
NEW YORK, NEW YORK – JUNE 24: Mayoral candidates State Rep. Zohran Mamdani (D-NY) and NYC Comptroller Brad Lander speak with members of the press and greet voters on Broadway. Michael M. Santiago/Getty Images What’s would be the real result of a new millionaire tax in New York City? Billionaire Bill Ackman, founder and CEO of Pershing Square Capital Management, suggests the answer is that wealthy taxpayers will flee. In a post on X (formerly Twitter), Ackman lamented Zohran Mamdani’s Democratic primary win in the New York City mayoral race, by stating, “New York City under Mamdani is about to become much more dangerous and economically unviable.” Ackman’s post, which has garnered more than four million views, was a direct response to Mamdani’s surprise Democratic primary win in the Big Apple. The 33-year-old Democrat garnered 44% of the vote running on a progressive agenda focused on making life in New York City more affordable. Mamdani’s Millionaire Tax Plan Funding that agenda will take money—and Mamdani has a plan to raise revenues without tapping the middle class. In addition to bumping up the corporate tax, Mamdani has proposed a 2% tax on what his campaign calls “the wealthiest 1% of New Yorkers—those earning above $1 million annually.” His platform estimates this “millionaire tax” will raise $4 billion annually to help fund projects like universal free early childcare, free bus rides and more affordable housing. The numbers, Mamdani says, mean that the tax would impact about 34,000 households. “This tiny share of the city population,” he says on his website, “takes home 35 percent of all income earned by New York City residents.” That same 1%, he explains, also benefited from a tax cut under President Trump’s 2017 Tax Cuts and Jobs Act (TCJA) which cut the top marginal rate from 39.6% to…
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