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Is New York’s Millionaire Tax Driving the Wealthiest Out?
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Subscribe28 AUG 2025 / ACCOUNTING & TAXES
CPE Approved
Zohran Mamdani, the Democratic mayoral nominee in New York City, proposed a 2% tax raise on individuals earning more than $1 million per year, with the aim to fund social programs and raise an additional $10 billion annually. Critics warn the increase could threaten the city's tax base, as high earners could relocate, and caution persists about the adverse effects on wealthier individuals' mobility and potential responses from other states.
New York City is already generating more than $60 billion in annual tax revenue, with a substantial portion of this revenue coming from its wealthiest residents. High earners contribute a substantial share, accounting for a significant portion of the city...
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