Some of us saw this coming. I told so many people—including you—that it is time to start building a real alternative to the Democrat Party’s extremism in NYC. I stand by that assessment.
I was right—ahead of many people in our city—about the need to defend meritocracy in our…
— Maud Maron (@MaudMaron) October 25, 2025
We have $38 trillion in debt. Our annual budget deficits is $2 trillion per year.
25% of all US govt revenue goes to paying interest on the debt.
We give away $70 billion per year to other countries. Meaning … we borrow $70 billion to give to other countries.
It’s insane. https://t.co/dapLocti0b
— Wall Street Mav (@WallStreetMav) October 25, 2025
Under Mamdani’s platform, the following tax reforms would be enacted:
- Personal Income Tax: A 2 percentage point increase on the city’s top 1% earners. This would raise NYC’s marginal tax rate for high-income residents from approximately 3.876% to nearly 6%, on top of state and federal taxes.
- Corporate Tax Rate: Raise NYC’s corporate tax to match New Jersey’s 11.5% rate, up from the current 8.85%—a nearly 30% increase.
- Neighborhood-Based Taxation: Mamdani has proposed higher taxes on “richer and whiter neighborhoods”, explicitly targeting areas like the Upper East Side and Tribeca to fund services in outer boroughs.
- Capital Flight: Executives from major banks and hedge funds have warned of accelerated relocation to Florida, Texas, and Tennessee, citing the tax hikes and anti-corporate rhetoric
https://time.com/7298149/nyc-socialist-zohran-mamdani-capitalism-essay/