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Time of India

Zohran Mamdani pushes 2% millionaire tax on NYC's richest — is there a mayhem ahead for the rich?

Zohran Mamdani , the 33-year-old New York State Assemblyman and Democratic nominee for the 2025 New York City mayoral race, has sparked widespread discussion with his bold policy proposals, chief among them a 'Millionaire Tax' aimed at tackling wealth inequality. With a background shaped by housing advocacy and personal experience in immigrant communities, Mamdani's platform reflects his long-standing commitment to social equity. The Kampala-born lawmaker, who moved to New York City at age seven, entered politics in 2021 and has since positioned himself as a voice for working-class and marginalized communities. His candidacy for mayor now places his redistributive policies under sharp scrutiny. Details of the Millionaire Tax Plan Mamdani's Millionaire Tax proposal would levy an additional 2% income tax on New Yorkers earning over $1 million annually. His campaign estimates the policy could generate up to $4 billion in annual revenue, funds he pledges to invest in public programs such as affordable housing, subsidized grocery stores, and free early childcare, as per a report by Fascinating World. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dementia Has Been Linked To a Common Habit. Do You Do It? Memory Health Click Here Undo Although New York State collected $108.6 billion in tax revenue in the 2022–2023 fiscal year, Mamdani's supporters argue that the additional $4 billion dedicated solely to NYC would be transformative, especially for the city's underserved populations. Criticism from Business Leaders and Economists Despite the progressive appeal, Mamdani's proposal has drawn sharp criticism from business figures and fiscal conservatives. Hedge fund manager Bill Ackman called the plan 'disastrous,' warning that it could drive wealthy individuals and businesses out of the city in a wave of 'capital flight.' Live Events Critics contend that millionaires already contribute a disproportionate share of the city's tax base and that higher levies could stifle investment and reduce job opportunities. Some also fear a chilling effect on entrepreneurship and corporate presence in New York, particularly when competing cities like Miami and Austin offer more lenient tax regimes. Supporters Call It a Remedy for Inequality Conversely, Mamdani's backers argue that New York's wealth gap is untenable and in urgent need of redress. Citing data that shows a small fraction of residents earn over a third of the city's total income, proponents claim the tax would realign city priorities in favor of working families. They believe the policy could provide vital relief to low- and middle-income households long squeezed by rising living costs. Mamdani's own political history lends credibility to his pitch—his early work in foreclosure prevention exposed him to the economic pressures facing ordinary New Yorkers, which he says inspired his economic platform. Policy Still Faces Political and Legislative Hurdles Though popular among progressives, the Millionaire Tax is far from implementation. Even if Mamdani wins the mayoral election, he must still navigate approval from the New York State Legislature—a body often reluctant to embrace radical tax reforms. In a deeply divided city, the fate of the Millionaire Tax may ultimately hinge on class dynamics, political capital, and the perceived urgency of addressing economic disparity. For now, the policy remains a central theme of Mamdani's insurgent campaign, one that reflects growing calls for a more equitable New York City. FAQs Who is Zohran Mamdani? Zohran Mamdani is a 33-year-old New York State Assemblyman and the Democratic nominee for the 2025 New York City mayoral race. Born in Kampala, Uganda, he moved to NYC at age 7 and is known for his work in housing advocacy and progressive politics. What is the 'Millionaire Tax' proposed by Mamdani? It's a policy that would impose an additional 2% income tax on individuals earning over $1 million annually. The goal is to generate $4 billion in annual revenue for public services in New York City.