economy
March 8, 2026
New York Millionaire’s Club Says They’re Happy Paying Higher Taxes Under Mamdani
The people with the deepest pockets can afford to keep the city running
TL;DR
- A group of millionaires, including Abigail Disney, supports Mayor Zohran Mamdani's plan to increase taxes on high earners.
- Supporters argue the wealthy can afford to pay more to fund public services such as schools, transit, and child care.
- Critics, like Bill Ackman, fear tax hikes will drive wealthy residents and companies to lower-tax states.
- Some wealthy individuals, such as Morris Pearl, dismiss the idea of moving due to higher taxes and note that the ultra-wealthy can often avoid income taxes.
- New York City's wealthiest residents already contribute a substantial amount to the city's income-tax revenue.
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