this post was submitted on 26 Jun 2025
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Someone has to pay for the busses, and for the rest of his plans. New York already has more public debt per resident than any other large city in the USA. New York also already has high taxes and a shrinking population. So yeah, I'm worried about where the money will come from. You can say "tax the rich more" but I don't think you'll have easy pickings.
as a non-american looking from outside, if NYC already taxed the rich for a lot, then to me the next sensible logical thing for the mayor to do is manage the apparently already lots of money to better use and making his platform come true. to me whatever NYC is doing that sounds like mismanagement of tax funds
I suspect a lot of NYCs liabilities are in strong union-negotiated pensions for retired police, transit, sanitation workers. Hard to get out from under those without really hurting people. The difficulty with taxing rich people is that they can easily change their tax residency to just outside NYC where plenty of counties will give them a big break on income taxes.
Mamdani's proposal is to raise taxes on any company doing business in NYC. They wouldn't be able to just change residency, they'd have to stop doing business in New York entirely.
NYC has a city income tax that's hard to avoid if you're doing well and easy to avoid if you're not.