Socialist Zohran Mamdani has been governing New York since the beginning of the year. A new study shows that more and more millionaires are leaving the city.
According to data from the non-profit organization Citizen Budget Commission, the city has already lost 11 billion dollars in tax revenue due to this, writes Bild.
Even before Mamdani took office, New York had been losing American millionaires. In 2010, 12.7% of individuals with one million dollars or more in capital resided there, while in 2022, this figure dropped to just 8.7%. The states of Texas and Florida, considered more business-friendly, benefited most from this. Nevertheless, Mamdani intends to further raise taxes for the "rich."
"The decline in the share of high-income taxpayers has serious consequences," the study notes. In New York, one percent of the population with the highest incomes pays 45% of all income tax revenue. "Therefore, city budget revenues largely depend on whether high-earning individuals remain in New York," economist Jared Walczak noted in a comment for the New York Post.
Despite these impressive figures, Mamdani remains committed to his policy. "I believe that the wealthiest can do a little more so that everyone has the opportunity to afford to live here," he said when asked about the study's findings.
However, economists doubt such logic. "People who fund the largest part of the budget, from which social programs designed to support the most vulnerable are paid, are leaving," noted Steve Fullap, head of the economic association Partnership for New York City.
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