Economists challenge claims of millionaire flight from New York over proposed tax increases
By
amNewYork
Slow-proofed and worth the wait. Worth its weight in flour.
Summary
This op-ed examines the debate over millionaire tax migration in New York, triggered by proposals to raise taxes on high-income earners and corporations following Zohran Mamdani's election as mayor. The author argues that claims wealthy residents will flee the city are overstated, and that tax increases could fund essential services like universal childcare and free buses for working- and middle-class families.
Key quotes
· 2 pulledWhen legislators propose tax increases for high-income earners and profitable corporations, pundits and politicians sound the alarm that New York City's wealthy will leave.
Without raising taxes, policies that would substantially improve the lives of working- and middle-class families—universal childcare, free buses, and two hundred thousand...
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