I looked up the tax in question and I struggle to believe anyone was seriously pretending it would cause capital flight. It’s an extra 4% on income over a million. That’s just adding a modest tax bracket. At first glance I assumed this was a state level wealth tax.
I was ready to play devil’s advocate because right now petit bourgeois consumer spending is the only thing propping up the US economy and you really don’t want to fuck with that. But come on man. ‘Millionaire’ normally refers to total wealth not annual income. This income bracket wont even notice this.
Mamdani in NYC is enraging the wealthy, and he’s looking for less of an income tax. ~2% increase on income over $1 million.
…he has proposed creating an additional tax bracket for New York City residents with income over $1 million, which would be taxed at 5.9%.
In addition to increasing income taxes, Mamdani has proposed raising the state’s highest corporate tax rate from 7.25% to 11.5%.
The purpose of shrieking about capital flight is not to legitimately warn the public of an actual danger. It’s to scare them into inaction. They declare that any incursion into their wealth, no matter how slight will bring about the end of the world because it’s possible to build momentum from there and the rich might actually have to contribute something other than their existence.
I looked up the tax in question and I struggle to believe anyone was seriously pretending it would cause capital flight. It’s an extra 4% on income over a million. That’s just adding a modest tax bracket. At first glance I assumed this was a state level wealth tax.
I was ready to play devil’s advocate because right now petit bourgeois consumer spending is the only thing propping up the US economy and you really don’t want to fuck with that. But come on man. ‘Millionaire’ normally refers to total wealth not annual income. This income bracket wont even notice this.
Mamdani in NYC is enraging the wealthy, and he’s looking for less of an income tax. ~2% increase on income over $1 million.
The purpose of shrieking about capital flight is not to legitimately warn the public of an actual danger. It’s to scare them into inaction. They declare that any incursion into their wealth, no matter how slight will bring about the end of the world because it’s possible to build momentum from there and the rich might actually have to contribute something other than their existence.
I can instantly believe it with near zero reservations.