Zohran Mamdani proposed a 2% millionaire tax, potentially bringing the total tax for high earners in New York City to 16.776%. This has sparked fears of wealth flight, yet real evidence of this trend remains limited. High-end real estate activity appears stable, but brokers in Florida report increased inquiries from wealthy New Yorkers seeking relocation. Business owners express intentions to leave or shut down, particularly in response to Mamdani's rent control stance. The tax proposal intensifies concern over the future of wealth migration across city lines, especially as Manhattan cannot tax non-residents who work there.
Zohran Mamdani's proposed additional 2% tax on New Yorkers earning more than $1 million a year could raise the combined tax rate to 16.776%, potentially increasing wealth flight from the city.
New York City cannot tax those who work in the city but reside elsewhere, allowing high earners to easily migrate to neighboring areas like Long Island or New Jersey.
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