Zohran Mamdani’s socialist pals wrap their proposals in the most innocuous language possible.
So when activists rally in Albany on Wednesday to pressure lawmakers to raise taxes, the Democratic Socialists of America claim the bill it backs would “create new brackets starting at $1 million” so that “they pay a slightly higher share in taxes.”
Sounds fair. It’s also a lie.
Sponsored by Assemblyman Demond Meeks and State Sen. Robert Jackson, the tax increases actually start at half that.
For individual incomes over $450,000, and joint incomes over $500,000, the state tax rate would be raised by a point to 7.5%.
And then there are two other tax rate increases under the $1 million income level.
Why can’t the Mamdani tell the truth?
Because there are a lot more couples making $500,000 a year in New York City than there are millionaires, particularly on Wall Street, and they don’t feel particularly rich in Manhattan.
Best not give away the game.
Remember, too, that this is a state tax bill that the DSA wants to pass.
This doesn’t even include the city tax increases that Mamdani wants.
New Yorkers already pay among the most taxes in the country.
If these bills pass, we’re not talking America anymore — we’ll have the highest marginal tax burden in the world.
That’s because this state bill would also raise the top tax rate for those making more than $20 million from 10.9% to a whopping 24%.
Between federal, state and city taxes, that means the marginal tax rate would be 65% — putting even places like France to shame.
Pity the poor person making over $20 million, you say.
But do you really think they will bother to stick around in New York City?
And once they go, there goes the budget.
The question, meanwhile, for voters: If Mamdani’s party is lying about “only tax millionaires,” what else are they lying about?
