I just hate the rich and beautiful! New York Democratic mayoral candidate Mamani proposed a millionaire tax policy.

The results of the Democratic mayoral primary in New York City have sparked intense discussion online and in the media. The unexpectedly victorious candidate, 33-year-old Zohran Mamdani, a far-left Democrat advocating for tax reform policies, has drawn attention for his proposed (Millionaire Tax Plan), which has become a hot topic of debate in New York City.

Will New York's wealthy collectively benefit? Millionaire tax criticized by Bill Ackman

Bill Ackman, the founder of Pershing Square Capital Management, posted on the social media platform X criticizing that under Mamdani's leadership, New York City will become more dangerous and harder to live in. The post quickly garnered over 4 million views, reflecting the strong unease among the upper echelons regarding Mamdani's proposed policies of robbing the rich to help the poor. Bill Ackman is a supporter of Trump and former Governor Cuomo, and his comments represent Wall Street's financial and corporate elite's heightened alertness to policies that tax the wealthy.

The progressive policy focuses on raising taxes on the wealthy: those with an annual income over one million must pay an additional 2%.

Mamdani proposed an additional 2% city tax on the wealthiest 1% of New York residents with an annual income exceeding $1 million, which is expected to generate $4 billion annually for the city treasury. This funding will be used to promote free public childcare, worry-free commuter bus programs, and affordable housing policies.

Mamdani pointed out on the official website that 1% of the wealthy controls 35% of the total income of the city, yet pays a city tax rate similar to that of the middle class, which is unfair.

Currently, the income tax structure in New York City is almost a flat tax rate, ranging from 3.078% to 3.876%, and for most taxpayers, the tax rate increases tend to flatten out after their income exceeds $50,000.

Mamdani believes that the current system fails to achieve the principle of progressive taxation, allowing the rich to benefit more. He points out that this reform will not affect the middle class and emphasizes that there are successful precedents for this model of making the rich pay more taxes.

Massachusetts example: The wealthy are not thriving, but tax revenue is increasing.

Mamdani takes Massachusetts as an example, where the state passed the "Fair Share Amendment" in 2022, imposing a 4% tax rate on those with an annual income exceeding one million dollars. After the tax system was implemented, it generated 1.8 billion dollars in revenue for the state government in the first nine months, which will be used for school lunches, education, and transportation.

Despite some concerns that the exodus of wealthy individuals could lead to a loss of the tax base, data shows that this is not the case. According to data from the IRS and WealthX, after the tax system was implemented in Massachusetts, the number of millionaires reporting income increased by 36%, and the millionaire population grew by 38.6% between 2022 and 2024, with total wealth rising from $1.6 trillion to $2.2 trillion. In fact, it is the middle class and upper-middle-class individuals who are leaving the state, primarily due to high housing costs and remote work, rather than solely because of tax burdens.

Mamdani emphasized that his proposal is not just about tax reform, but also a choice of values. New Yorkers should decide whether this city is meant to create opportunities for everyone or just to exist for the White Rich Americans. In addition to imposing a wealth tax, Zohran Mamdani plans to collect a "white tax" as he believes that affluent white homeowners should pay higher property taxes, and whites should pay the "white price." Since Trump's two elections, racial issues are no longer taboo. Could this dark horse, Malrohan, possibly become the mayor of New York City? Let's keep watching.

This article just hates the white rich beauty! New York Democratic mayoral candidate Mamani proposed a millionaire tax policy, which first appeared in Chain News ABMedia.