{"id":1667915,"date":"2026-03-08T01:45:00","date_gmt":"2026-03-08T06:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1667915"},"modified":"2026-03-08T01:45:00","modified_gmt":"2026-03-08T06:45:00","slug":"new-york-millionaires-club-says-theyre-happy-paying-higher-taxes-under-mamdani","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/new-york-millionaires-club-says-theyre-happy-paying-higher-taxes-under-mamdani\/1667915\/","title":{"rendered":"New York Millionaire’s Club Says They’re Happy Paying Higher Taxes Under Mamdani"},"content":{"rendered":"

New York Millionaire’s Club Says They’re Happy Paying Higher Taxes Under Mamdani<\/span><\/p>\n

\n

Sigh. It’s all so exhausting. Not all of New York\u2019s wealthiest residents are sounding alarms over Mayor Zohran Mamdani\u2019s plan to raise taxes on high earners. In fact, a small group of millionaires says the backlash is a bit over the top, according to Bloomberg<\/a>.<\/p>\n

Members of the Patriotic Millionaires \u2014 including filmmaker Abigail Disney, granddaughter of Roy O. Disney of The Walt Disney Company \u2014 argue the rich can easily afford to contribute more if it helps fund things like schools, transit and child care.<\/p>\n

\u201cI\u2019ve gotten tax cut after tax cut after tax cut. And I never needed any of them,\u201d Disney said, backing Mamdani\u2019s proposed 2-percentage-point income-tax surcharge on millionaires. \u201cAll these things have fallen out from under the middle class \u2014 an education system that works, public transportation, infrastructure, health care.\u201d<\/p>\n

<\/a><\/p>\n

Bloomberg writes<\/a> that the mayor has floated several ways to boost city revenue, including higher income taxes for people earning more than $1 million and an increase in the top corporate tax rate. Critics, including hedge fund billionaire Bill Ackman, say the approach risks driving wealthy residents and companies to lower-tax states like Florida or Texas \u2014 a concern echoed by Kathy Hochul and business groups.<\/p>\n

Supporters counter that the idea of a billionaire stampede out of Manhattan is exaggerated. \u201cI\u2019m certainly not going to move because of higher taxes. That\u2019s ridiculous,\u201d said Morris Pearl, a former executive at BlackRock. \u201cI live where I want to live, and so do most rich people.\u201d<\/p>\n

New York isn\u2019t short on potential taxpayers. Nearly 35,000 city residents earned at least $1 million in 2023, and the top 1% already generate roughly two-fifths of the city\u2019s income-tax revenue, according to the New York City Independent Budget Office. For some wealthy advocates, that just proves the point: the people with the deepest pockets can afford to keep the city running.<\/p>\n

Pearl also notes how easily the ultra-wealthy can sidestep income taxes altogether. \u201cWhen you\u2019re already rich, you don\u2019t need income,\u201d he said. \u201cIf you don\u2019t have income, you don\u2019t pay income taxes.\u201d<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSat, 03\/07\/2026 – 20:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/new-york-millionaires-club-says-theyre-happy-paying-higher-taxes-under-mamdani<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

New York Millionaire’s Club Says They’re Happy Paying Higher Taxes Under Mamdani Sigh. It’s all so exhausting. Not all of New York\u2019s wealthiest residents are…<\/p>\n","protected":false},"author":0,"featured_media":1667916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1667915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1667915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1667915"}],"version-history":[{"count":1,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1667915\/revisions"}],"predecessor-version":[{"id":1667930,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1667915\/revisions\/1667930"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1667916"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1667915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1667915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1667915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}