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Do Higher Taxes Drive the Rich Away? Mamdani’s Plan Revives the Question.

Mayor Zohran Mamdani wants to raise income taxes on New York City’s millionaires. Tax increases elsewhere have not led to an exodus, but some worry the city is reaching a tipping point.

First seen · 12:59 PM UTCMay 2, 2026

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The New York Times
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Do Higher Taxes Drive the Rich Away? Mamdani’s Plan Revives the Question.Mayor Zohran Mamdani wants to raise income taxes on New York City’s millionaires. Tax increases elsewhere have not led to an exodus, but some worry the city is reaching a tipping point.
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