Mamdani and the leftist mayors
Here’s the plan, according to this NY Post article:
The motley crew of capitalist-crushing Democratic mayors includes Chicago’s Brandon Johnson, Boston’s Michelle Wu, Oakland’s Barbara Lee, Seattle’s Katie Wilson and Los Angeles’ Karen Bass.
“Right now, we are the process of forming sort of a mayor’s coalition, much like district and state’s attorneys have formed to fight back against federal overreach,” Johnson said of the socialist sextet.
Mamdani “expressed a desire and commitment to work with the city of Chicago, Boston. We have Seattle on board. We have Oakland, Mayor Lee, Mayor Bass in Los Angeles as well,” added Johnson in a video posted Monday on X. …
“Nothing says ‘terrible idea’ like six cities famous for sky-high taxes and persistent crime deciding the solution is to compare notes,” said Bruce Blakeman, New York’s Republican gubernatorial nominee.
Mamdani’s reps said he’s in regular contact with many other mayors and governors across the country but insisted he’s yet to decide whether to join new coalition.
That would be quite the force multiplier.
One of Mamdani’s recent proposals is this humdinger, just one of many he’s considering:
The socialist mayor wants to drastically slash the estate tax exemption threshold from the $7 million limit to just $750,000, a drop of more than 90%, according to a memo City Hall recently circulated to Albany lawmakers. …
In addition to dropping the estate tax exemption — to what would be the lowest in the US — Mamdani is also pitching increasing the top rate to a whopping 50%, from the current 16%, in what he said would raise $4 billion combined, the outlet reported.
“This is a prime example of how the ‘tax the rich’ movement is actually all about taxing the middle class and those struggling to put food on their tables for their families,” Assemblyman Michael Tannousis (R-Staten Island) told The Post of the proposal.
Staten Island is the only Republican borough of New York, the only one that voted for Trump (about 65% in 2024) and for Mamdani’s opponents (23% for Mamdani). But I would imagine that quite a few people all over New York City who did vote for Mamdani would not be pleased if such changes were ever enacted. Seven hundred and fifty thousand dollars does not go very far in New York City.
Of course, many of Mamdani’s supporters have no estates to pass on and probably no hope of having any. Plus, many are young and a long way away from even thinking about leaving to descendants whatever money they do have or ever will have. They might be interested in inheriting their parents’ estates intact, though, if their parents have much of anything and live in New York state. But I think most of Mamdani’s young voters would be only too happy to confiscate the money of others through an estate tax of this magnitude. “From each according to his means, to each according to his needs.”
I don’t think the New York City council has the authority to enact an estate tax. That lies with the state legislature. They do have a special dispensation which allows an income tax and a commuter tax not found in the rest of the state.
I’d love to see how they come up with that $4 billion revenue estimate. Perot’s “giant sucking sound” will be all the people leaving NYC if that is enacted, and the collapse of property values, and of tax revenues along with them. Mamdani has the economic sophistication of a 12-year-old.
Harold Skimpole.
Related:
“NYC Council Dems float bizarre plan to crack down on the supermarket self-checkout line”—
https://nypost.com/2026/03/14/us-news/nyc-council-dems-bizarre-plan-to-crack-down-on-shoplifting/
Less like manipulation, fecklessness or lack of sophistication.
More like Virtuous Destruction(TM)…
…keeping in mind that Capitalism is right up there with the greatest of evils and must be brought to its knees…
Per the Post article, this would be a change to the STATE’s tax system, not just NYC. So Neo’s discussion on the last two paragraphs has that much more force.
I was thinking that NYC accounted for a majority of the state’s population, such that the statewide law could pass relatively easily. But per AI, at least, the city’s representatives in the state legislature account for about 43% of the total seats (in each house).
I would imagine that non-NYC representatives would resent such a bill, but maybe the democrats outside NYC go along with such proposals.
Either directly or through apathy, the majority of NYC adults decided that suicidal empathy was preferable to reality. So be it.
Suicidal Empathy Dying to Be Kind ~ Gad Saad
https://www.harpercollins.com/products/suicidal-empathy-gad-saad?variant=44773867880482
“From each according to his means, to each according to his needs.”
Lyndon Johnson used to say this all the time. Actually, “the greatest good for the greatest number.” No different in practice.
In fact, for Madmani, this may well be PROOF that he is in fact succeeding!
“Bond Market May Be a Last Guardrail on Far-Left Mayors…”—
https://freebeacon.com/democrats/bond-market-may-be-a-last-guardrail-on-far-left-mayors-as-moodys-goes-negative-on-mamdanis-new-york/
H/T Powerline blog.
Just don’t give our next Far Left Dem Governor of Colorado and State Legislature any hints on how to screw us over. They are doing a good enough job already.
The problem as I see it, with New York City voters (actually many other voters too) is that they always think “tax the rich” does not mean themselves, they always think “the rich” refers to someone else.
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Liberal trustfund babies will soon realize that if granddaddy’s and daddy’s estate is taxed out of existence there will be no money left for them.
That’s why I, as an anti-elitist, support raising the estate tax. I want daddy to make as much as he wants but keep the money from his useless, socialist children and grandchildren. If Joe Kennedy’s estate had been heavily taxed, we would have been spared Teddy Kennedy and the rest of the clan.
You have mentioned “estates” but one of the problems that sank inheritance taxes in some jurisdictions is that they force the sale of family businesses in order to pay the tax.
Well the socialists in Great Britain did it to their “wealthier” families in the past century and now their better idea is to replace their indigenous population with east Asians and moslems. Socialism is a cancer.
The problem is not mostly the taxes, it’s the spending by the govt. On free stuff for folks who want Other People’s Money.
It’s always a potential flaw in democracy, the bottom 60% voting to get unearned stuff, unearned wealth, unearned benefit. Free busses, free food, free clothes, free health care, rent subsidies or even free housing.
All of this stuff, this wealth, is the result of other people’s work. Their earnings. The money they made, by win-win voluntary transactions, usually doing what a boss says, for money. Civilization benefits. Based on private property and mutually beneficial trade, transactions.
If the govt wasn’t trying to give away so much money, it wouldn’t need more taxes. While I’m no longer a Libertarian, I’m still very much in favor of less govt — instead of arguing about what the optimal final size (0% or 10% or x%), the current govt is too big and spending too much. Especially far too much on govt cash for programs the govt shouldn’t be spending cash on. To give benefits to those who haven’t earned it.
Still, when I compare income taxes on working folk who have earned money (hard or easy work) to inheritance taxes, I favor more taxes on the dead rather than the living.
Mamdani is being smart asking for 200-500% more than he is likely to get, like Trump often does, so as to change what opponents think about. Why not $750k as the tax-free cap rather than $7 M? It should be some number of years of annual median wage, like 100 or 50 or maybe 10 * $60k = $600k or $3 M, or $6 M. Similarly, why not 50%, or 90% (the British income tax rate that made John Lennon move to America)? Unlike higher income taxes, it seems unlikely rich folk will move away because of high inheritance taxes, tho there will be far more pressure by wives & children to move before the estate pays, like to Florida.
[What is the favorite wine of a Jewish American Princess?
.
When do we go to Miami? (in a whiney voice – whine!)]
Florida state budget about $117 billion, about the same $116 billion of NYC.
We all know that rich folk often borrow huge amounts of money to start businesses or buy real estate for their spouses & kids — such loan interest is tax deductible (govt supported) AND often creates a money making opportunity. In the case of housing, super rich buyers are competing with, and increasing the prices paid by, the rich & merely well off & even just those quite comfortable in the house prices they pay.
Ask Grok or some AI to explain how to minimize death taxes. Lifetime gifting; bequeath at death with step-up; Grantor Retained Annuity Trust (GRAT)
–The combination of the annual/lifetime exemptions, the step-up in basis at death, and GRATs (or similar trusts) is how the wealthy move enormous blocks of appreciated stock to the next generation while paying the absolute minimum in taxes. Rules are complex and change periodically
—
I’m outraged at the super rich loopholes written by the rich (wanabes? on their way), for the rich, while taxing the not rich.
But it’s govt spending which needs to be reduced more than changing the tax system.
I can’t wait to see how this unique, never been tried before (wink) economic experiment works in the real world.
“From each according to his means, to each according to his needs.”
That was in the late great USSR constitution. What it meant in practice was the state would take your stuff, because you didn’t deserve it, and give it to somebody who did. And who was more deserving than the party members who were working for you 24/7. In the USSR nobody created any wealth because it would be plundered by the state.
Is there one Democrat-run city that’s well governed?
From each accordion to their memes to me.
@ Cappy — Well played!