Anyone who thinks Zohran Mamdani’s plans to tax the rich are remotely workable, beware: The city’s share of “the rich” is already shrinking.
So if Mamdani gets his way, there soon might be no one at all left to squeeze.
From 2010 to 2022, the Citizens Budget Committee reports, New York state’s share of taxpayers with more than $1 million in federal adjusted gross income shrunk by almost a third — from 12.7% to 8.7%.
The city’s share also fell, from 6.5% to 4.2%.
New York’s loss was other states’ gain, particularly Florida, Texas and even California.
Thanks to inflation, the gross number of million-plus earners in New York grew, but it less than doubled; it tripled in California and Texas and quadrupled in Florida.
New York’s losses come with a steep cost, the CBC warns: “Had