this post was submitted on 26 Jun 2025
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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.