Mamdani’s Millionaire Tax Would Zap NYC’s Dynamism
28th January 2026
Zohran Mamdani’s policy and funding proposals could precipitate an economic and political crisis in New York City reminiscent of the movements that led to Communist China, the Soviet Union, or Socialist Venezuela.
To finance this red vision, New York’s mayor proposes an additional 2% income tax on New York City’s noncorporate businesses and residents making over $1 million annually.
He claims that this revenue will address residents’ affordability concerns by allowing the government to provide discounted or free services. These socialist policies range from rent freezes, affordable housing, city-owned grocery stores, free buses, no-cost child care, and mandating a $30 minimum wage.
Time to leave.