The big lie behind Mamdani’s ‘tax the rich’ demands
NY Post
If there’s one political slogan that’s risen to the level of obsession with Mayor Zohran Mamdani, Democratic state lawmakers and other New York progressives, it’s “tax the rich.”
But unlike, say, “freeze the rent” — which at least describes a demand that hasn’t yet been achieved — “tax the rich” is also slyly deceptive.
It implies, falsely, that New York isn’t already squeezing top earners harder than everyone else.
In fact, raising taxes on income millionaires has been Albany’s primary revenue-raising strategy since the end of the 2007-’09 Great Recession.
As a result, New Yorkers with incomes over $1 million are now subject to the highest statutory tax rates since the early 1980s.
Driven by taxes on the earnings of such income millionaires — including profits from closely held “pass-through” businesses — personal-income-tax receipts will comprise a record 68% of total state taxes this year, up from 58% in 2006.
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