Mamdani’s Tax-the-Rich Plan Risks Driving Wealth Away

You’ve heard the news and may have seen the video: New York Mayor Mamdani mugging for the camera, his face in a gleeful smirk, saying “When I ran for mayor, I said I was going to tax the rich. Well today, we’re taxing the rich!”
He was announcing – on April 15, the day federal and state income tax returns are due – a new special tax on “second homes” located in New York City valued over $5 million. The Marxist mayor is standing in front of a building where he says hedge fund entrepreneur Ken Griffin has a residence that he uses only occasionally. Under Mamdani’s proposal, approved by…
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