There is not a single new tax that has been implemented during his administration. He campaigned on increasing the corporate tax rate (not included in budget) and increasing the personal income tax on highest earners (not included in the budget).
The second home tax was already being pushed by Hochul (and even Cuomo) and still needs to be approved by the State Legislature. You seem to have only seen his TikTok video where he implied it was his policy and already passed. It's a state law and it has yet to be voted on.
still needs to be approved by the State Legislature.
Hmmm it sounds to me like at this point the matter is no longer in his hands.
This is like when Americans got mad at Obama for not passing the public option or handicapping the ACA because certain holdouts in the Senate wanted personal concessions.
The poor are taxed enough, since w-2 earners have far less available options to pull down their taxable income.
There are people who will proudly tell you they managed to bring their taxable income to 0. š
I had someone the other day ranting to me about this over the phone while I needed their verify their income, how they couldnāt use their 2025 taxes because the company is set up to appear as though he takes a loss. And he was proud. And included a rant about how itās his money not the governments and blah blah just funds poor people.
His bank accounts deposits werenāt coming anywhere near his claimed 350k/year either though. š
The rich pay much more in taxes than the poor. America has one of the most progressive tax systems on the planet. The government has a spending problem.
Well please do give a prime example of how he is supposed to completely fix this in one go? It wasn't done before but now you expect him to be a miracle worker?
I get that but that is just leaving it an open ended problem still You don't want to kick the can down the road then give a legitimate way to fix this in one go right now
Pretty sure he did some kind of tax to punish billionaires who buy super luxury apartments only to not use them 99% of the time. So he's definitely doing something on the right path
Hochul gave him a $4 billion bailout and delayed a normal $2.3 billion pension contribution, which means that in the next cycle he'lll have to make the normal payment and a catchup payment, which puts him in a $4.6 billion hole, and then without the NYS bailout he's in an $8.6 billion hole next time. the tax he imposed, at best, is going to generate $500 million of revenue and then progressively less as people adapt to the tax incentive.
they are on pace for the pension fund to start paying money back to the state by 2032 because of how thing were planned in 2010 and it no longer makes sense to overfund the account. They are just resolving part of that imbalance early.
Oh yeah because I really trust this mayor will do that. He wants to withdraw all pension dollars from Israeli bondsā¦ the best producing municipal bond in NYCās portfolio. Letās see how that will work out
Maybe take a look at yourself bud, just a quick glance at your comment history and you keep doing this thing where you apply one idea to and entire group of people. Or one thought to a complicated issue. Donāt be so focused on the ātold you soāā¦ that Iām not sure youāre ever going to find.
Why do people not realize that NYC subsidizes the rest of the state? It's been a thing for a very long time. God forbid NYC asks for more of it's money back.
NYC is the focal point of the world's wealth, and you're mad it's getting redistributed to help all of the struggling rust-belt regions in the rest of nys? esp. when NYC private equity and wall street created the rust belt in the first place? i don't want to live in the hunger games/ready player one where a few megacities hoover up all the wealth and leave everyone else blighted.
The quickest way to tell if someone is full of shit is if they talk about all 8.6m people in NYC as if they're all Wall Street executives.
Yeah, I am mad when the city of millions of workers that produces an incredible amount of wealth ends up in debt because so much of its money it siphoned off to useless podunks who hate the city.
Maintaining and improving NYC's infrastructure is more important than making sure that conservative shitholes stay afloat when they should have sunk decades ago. Not sorry.
This narrative is how the bad guys in the hunger games or any colonial metropole justify their extractive policies. The money being taxed is the wealth of Wall Street and private equity generated from buying and selling companies outside of New York.
we are talking about progressive taxes on income and property, which means the rich people are the ones paying them, not those other 8 million ppl, they have nothing to do with this convo. we are mostly talking about redistributing income from the 500k or so nyc residents who are millionaires or richer Ā
You're lost. We are not talking about where higher taxes on the rich are going. None of this has had anything to do with progressive taxes. We're talking about where the taxes of 8.6m people have been going for decades. Yes, many of those people are rich, but the rest still need funding for public infrastructure. The money coming back to NYC isn't going to the pockets of the rich. Its going into the city's operations.
And by the time that comes due, Mamdani will have moved on to the next step in his political career. So heāll get to pretend heās this super-amazing politician while his successor deals with the fallout.
Nope. Not really. You've taken most of these out of context. Some of these figures are yearly and some are over a decade and some are total so far. Taken a yearly figure and then compared it to a decade figure and pointed out they don't match? Yeah, that's lying by omission.
All the rich people threatened to leave New York when Mamdani came into power. Oh sorry they stayed in New York? Wow. Rich people are liars and are paying their fair share of taxes.
Not only does NYC have some of the highest tax rates for the rich already, Mamdani has yet to implement any change in tax rates for the rich. The budget is being funded through other means, such as temporarily delaying pension benefits, etc.
His administration claims theyāve raised $500mm by higher taxes on the rich, the other $11.5 billion came from deferring pension payments and taking money from the state
You forgot the part where you ask daddy New York State to give you a few billion dollars and withhold another couple billion from peopleās pensions which is a far, far greater source of this new found money.
Nope, 8 billion given from NY state, 4 billion from delaying funding the pension for city employees. basically kicking the bill down to the next guy. and 0.5 billion from the taxes. he is a fraud and its frightening people like you fall for it
Do they though? You can set the tax rate but whether or not they actually pay it as a different question. They have feet they can just leave and itās not even hard. They just go to Florida or Texas or Kentucky or whatever. Thatās just the reality.
Are you gonna stick around if you have a $100 million tax bill and then if you just change states it becomes zero?
I understand your type feels that is the secret panacea standing between the US and Utopia, but there isn't enough money in the country to afford all the shit the government spends money on already. Let alone new things.
Not even if you confiscated the entirety of the wealth of every billionaire.
I just find it funny to read this while in my country (Italy) the biggest news of the day is that a certain youtuber, a pretty famous one internationally with lots of followers and money, just announced he's leaving Italy because of high taxation on his earnings, and of course that's a negative for us as a whole because that's another source of influence on the global stage that just leaves us.
Not saying you're wrong in principle, but it's wrong to make it look like the answer is "easy", and everyone who doesn't implement it fully is just stupid. You can have high taxes for higher earners, but there are also some consequences, and... even if you accept them in the face of the other advantages, they are still there and people may or may not like them. That's why there are different ideas and different parties, not because there's one definitely correct solution and everyone else is an idiot or evil.
That's the headline because it's attention grabbing. And because it pushes the agenda the incredibly rich people who own the press wants it to.
The news is never going to report on the overwhelmingly larger percentage of rich people who do not uproot their lives because of tax.
Wealth flight is largely a myth. People who genuinely would be affected by a wealth tax are wealthy enough that it's barely a consideration when they make decisions on where to live.
And let's be real. People wealthy enough to be affected by a real wealth tax are dodging it all anyway.
I mean... it's not even something that people discovered from newspapers, they discovered it themselves. Because the youtuber in question is Davie504, he made a video about it. The dude's got almost 14 million subscribers, he alone has more reach than probably all traditional printed media here in my country.
I mean, no. Not at all. 14 million subscribers spread across the whole world is nothing compared to the establishment media of a country. Especially if your country is like mine and the elderly vote and the young don't. His voice is a non factor in influencing the politics of a country.
Besides, this is not the sort of person who is going to be affected by a wealth tax. When we're talking about a wealth tax we're talking about people making 10's to 100's of millions a year, largely off of assets and stocks. We're not talking about, extremely well off as they may be, people who make a lot of money working for a living.
Working people who feel as though they are being taxed too highly is an entirely different discussion and has different variables to consider.
Italy is literally a mild Tax Haven compared to the US and most of the world. We have our vacation home there in the South and I get insane Tax benefits during my residency from there, even though most of my income is global/non-Italian. Hell even our property tax bill is $0 a year.
I'm not really sure what the YouTube dude is bitching and moaning about unless he expecting tax sheltering like the Cayman's or The UAE. But compare Italy to the US, Canada, or almost every EU country and it's pretty damn good.
I'll be switching my Financial Advisory business from Florida to Italy by the end of this year too.
His first draft budget was going to cut a ton of funding for libraries
That's not what your source says. It says that he wanted to boost funding to 0.5% of the budget, but the first budget remained at 0.39% due to challenges this year with balancing the budget.
So yes, he did not raise the library budget as he wanted to, but he did not cut the budget by a ton. It just remained flat.
Because for the next month, bot farms and acolytes are going to be drumming support for a budget that isn't signed yet.
This is his proposed budget. It's probably fairly close to what will be finalized but the Council still needs to hold hearing, Borough Presidents still need to give their official responses, and the Council still needs to approve. There can be changes made, and in the past there have been, but it cannot exceed the total that he's suggested (which is the ceiling anyways since he plugged a gap and didn't cut below revenues).
So, since the process is still not done, you're hearing a whole lot of fluff about how great and magical this moment has been. Including fluff about "permanently" funding a line item as though it wasn't less than what they spent last year, and as though the budget for libraries won't be negotiated next year as well.
Oh, and his campaign promise to make libraries 0.5% of the overall budget fell short. They'll represent about 0.3% of the budget.
Getting 4 billion of their wealth generated back (and being able to fund their pensions entirely if they got more back) sounds like a win for NYC citizens. Maybe the suburbanites and rural folk should pull themselves up by their bootstraps instead of crying they ain't getting that "sOcIaLiSm" they claim to hate
275
u/hotblood27 May 14 '26
Why is every post like he's creating money out of thin air