Zohran Mamdani’s policy and funding proposals could precipitate an economic and political crisis in New York City reminiscent of the movements that led to Communist China, the Soviet Union, or Socialist Venezuela.
To finance this red vision, New York’s mayor proposes an additional 2% income tax on New York City’s noncorporate businesses and residents making over $1 million annually.
He claims that this revenue will address residents’ affordability concerns by allowing the government to provide discounted or free services. These socialist policies range from rent freezes, affordable housing, city-owned grocery stores, free buses, no-cost child care, and mandating a $30 minimum wage.
For a city that consistently issues municipal bonds to attempt to escape its debt, piling on more anti-growth taxes will only exacerbate these problems.
There is a catch to Mamdani’s policies that his campaign ads never mentioned: The city requires state approval to raise its local income tax rate.
RandyMarsh
Article URL : https://www.dailysignal.com/2026/01/27/mamdanis-millionaire-tax-would-zap-nycs-dynamism/