Zohran Mamdani’s Proposal For A Millionaire Tax
Zohran Mamdani’s Proposal For A Millionaire Tax
Zohran Mamdani has been all over the news for being put up as the Democratic nominee for the 2025 New York City mayoral election. He has see
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an additional 2% income tax on the top 1% in NYC, who are earning over $1 million per year
That’s a slightly different definition of “millionaire” than I was familiar with. Who is calling it that again?
People who can tax income but can't meaningfully tax net worth.
Fair. But to be clear, I’m suggesting conservative media outlets have latched onto this nickname to intentionally mislead a significant number of New Yorkers to believe the tax will affect them (because they or someone they know has a net worth of more than 1 million between life savings or property in the city) when it actually only applies to a select few who earn more than that every year.
The Mamdani campaign hasn’t used that nickname. Here is the first use of “millionaire tax” I could find. That was 4 days ago. By the following day, every major news outlet was running headlines with that nickname. I think it’s no accident.