New York’s wealthy warn of a tax exodus after Mamdani’s win – but the data says otherwise

Wealthy New Yorkers have threatened to leave the city if Mayor-elect Zohran Mamdani follows through on his promise to raise taxes on the rich. Charly Triballeau/AFP via Getty Images

New York’s mayor-elect, Zohran Mamdani, campaigned on a promise to raise the city’s income tax on its richest residents from 3.9% to 5.9%. Combined with the state income tax, which is 10.9% for the top bracket, the increase would cement the city’s position as having the highest taxes on top earners in the country.

It set off a chorus of warnings about the tax flight of the city’s wealthiest residents.