Although the left’s disdain for the rich and promotion of class warfare are nothing new, the socialist uprising within the Democrat Party has taken that tendency to an even more troubling level.
And New York Mayor Zohran Mamdani has been at the forefront of that movement, with his tax-the-rich policies exacerbating a trend that had been impacting his deep-blue city and state for years.
Now, a new report sheds light on just how much of an impact all of these anti-wealth policies have had on New York’s tax base, as the New York Post reported:
New York’s share of US millionaires dramatically declined in recent years, causing a nearly $11 billion loss in much-needed tax revenue in just one year, according to a bombshell new analysis.
ADVERTISEMENTThe study released Monday by the Citizen Budget Commisison comes amid fears that socialist Mayor Zohran Mamdani’s push to “tax the rich” will drive even more wealthy taxpayers and their businesses out of New York City.
Even before Mamdani took office, the Empire State’s share of the nation’s millionaires dipped from 12.7% to 8.7% between 2010 and 2022 – the largest decline of any state, according to the CBC’s Competitive NYS: Value Proposition Tracker dashboard.
“New York’s declining share of high-income taxpayers has meaningful consequences,” the analysis states.
Here’s a sampling of the criticism Mamdani’s policies have drawn:
Every action has an equal and opposite reaction. Dems just keep on acting like the Laws of Physics – a Natural Law of God – don't apply to them. If you raise taxes – people will leave. This is true of democrats from the East Coast to the West Coast.
— Heritage Thinker 1776 (@flyings8671) July 13, 2026
🚨 DSA’s Post-Election Plan: “Tax the F*cking Rich”
The Democratic Socialists of America held a NYC-wide call tonight, and they made it unmistakably clear: Zohran Mamdani’s win is the launchpad for a full-on state-level tax revolution.
They even opened with: “Now we’re going to… pic.twitter.com/Cdu3OOChrw
— Stu Smith (@thestustustudio) November 7, 2025
Here’s the full text from the post above:
DSA’s Post-Election Plan: “Tax the F*cking Rich”
The Democratic Socialists of America held a NYC-wide call tonight, and they made it unmistakably clear: Zohran Mamdani’s win is the launchpad for a full-on state-level tax revolution.
They even opened with: “Now we’re going to talk about taxing the f*cking rich.”
“We need it for Zohran’s agenda. We need it for society.”
“The fight is not over. We ran this mayor’s race because we believe in a New York City where everyone can live in dignity that everyone can afford.”
“We can stand up to Trump and implement a democratic socialist agenda, Zohran’s agenda, our agenda, at the state level by taxing the rich.”
DSA is now gearing up for a six-month statewide push to rewrite next year’s Albany budget and fund the entire Mamdani program through massive tax hikes — door-knocking, rallies, pressure campaigns, the whole apparatus.
They’re holding a “massive kickoff rally” on November 16 at Union Square, and they hammered the same command over and over: join DSA, join DSA, join DSA.
ADVERTISEMENTDSA is openly framing Mamdani’s win as the spark for a statewide socialist tax war — and they’re not even pretending otherwise.
More clips to come…
Punishing success with sky-high taxes just makes the successful pack up and go.
NYC bleeding billions is the predictable result of "tax the rich" nonsense.
— TinHatBearAK (@Konstoyouralas1) July 13, 2026
Mamdani’s rhetoric regarding the Big Apple’s wealthiest citizens has sparked backlash on multiple occasions, including a stunt targeting hedge fund CEO Ken Griffin.
As Yahoo News reported earlier this year:
But Griffin, who Forbes estimates is worth a cool $50.7 billion, is reportedly rankled that Mamdani stood outside the property and used it as the poster boy for his new “Tax the Rich” scheme.
“We’ve secured a pied-à-terre tax,” Mamdani said in the video posted April 15, as the camera swings towards the tower that houses Griffin’s property. Pied-à-terre is a fancy word for a residence that isn’t someone’s main home. Griffin’s primary residence is in Miami, Florida.
The tax is an annual fee on luxury properties valued at more than $5 million whose owners do not live full-time in the city, Mamdani explains in the video. “Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million,” he adds.
Here’s some additional context:
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