New York is facing a tougher tax on the rich than the UK

NEW YORK – Millionaires in New York City will be faced with the prospect of a tax rise if Democratic candidate Zohran Mamdani wins the mayoral election on Tuesday.

His proposal to implement a 2 per cent tax surcharge on those earning over $1m (£760,000) has come under fire from critics who say the policy will spook the city’s wealthiest.

This week, however, several millionaires said the “millionaire tax ” — which Mamdani claims would raise $4bn (£3bn) annually — would help tackle the “extreme inequality” in the city, and predictions of a mass exodus by millionaires were untrue. New Feature

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It comes as the debate over taxing the rich grows louder in the UK ahead of the Budget , with the Government under pressure to raise f