Tax-Dodging Billionaires Promise to Leave NYC If Mamdani Wins | Common Dreams
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NYC billionaires threaten to leave if progressive candidate Zohran Mamdani wins mayoral primary. But is their fear of losing wealth justified, or just a desperate attempt to maintain power and privilege?

cross-posted from: https://lemmy.zip/post/41814981

NYC billionaires threaten to leave if progressive candidate Zohran Mamdani wins mayoral primary. But is their fear of losing wealth justified, or just a desperate attempt to maintain power and privilege?

  • FuckyWucky [none/use name]@hexbear.netEnglish
    25·
    5 days ago

    “If Mamdani becomes the mayor of New York,” Ackman told The Free Press, “you’re going to see the flight of businesses from New York… It only takes a handful of successful people to leave to decimate the city’s tax base.”

    Capitalists love profits, they aren’t going to shut down their businesses. And capitalists themselves don’t consume too much (in aggregate compared to rest of the population) and don’t pay taxes, they can leave if they want.

    “I would spend far less than 183 days a year here, that’s for sure… How can you compete against somebody giving it away for free?” he said, incorrectly suggesting that Mamdani plans to give New Yorkers free groceries.

    The stores are limited, people will still go to closest store if they can afford it. Secondly, it’s likely that the government-run grocery stores will run on low margins (but no deficits).

    The main fear that many countries have of billionaires is that they’ll run out of local currency and cause inflation (especially important for third world countries). But this is a city, not a country.

    • prole [any, any]@hexbear.netEnglish
      4·
      5 days ago

      Capitalists absolutely consume a lot. Idk how accurate the numbers are, but everything I’ve read about this suggests the top ~10% are responsible for nearly half of all consumer spending in the US. That number is probably higher in major cities where everything is more expensive and there are typically better public services.

      • FuckyWucky [none/use name]@hexbear.netEnglish
        5·
        5 days ago

        True but I was referring to the top 1%

        The New York State Society of Certified Public Accountants noted in an article last year that the wealthiest New Yorkers “go to great lengths not to get taxed as residents in the city”—often by ensuring they spend fewer than 184 days per year there, the threshold for being considered a permanent resident.

        The organization detailed location tracking apps that help users track how many days they’ve spent in New York in a taxable year to ensure they can avoid paying income taxes.

        The billionaire owner of New York’s Gristedes grocery chain, referenced the 184-day rule as he told The Free Press he plans to go to “the promised land”—Florida—if Mamdani wins and moves to open low-cost, government-run grocery stores.