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Tax The Rich

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Billionaire pushback as Mamdani touts NYC wealth tax plan
politics24 days ago

Billionaire pushback as Mamdani touts NYC wealth tax plan

New York City Mayor Zohran Mamdani’s plan to tax luxury second homes worth more than $5 million has sparked strong pushback from billionaires, including Ken Griffin and Steven Roth. Roth called Mamdani’s “tax the rich” slogan as hateful as racial slurs, while Griffin described the campaign video outside his penthouse as “creepy and weird.” Griffin’s remarks come as Citadel signals possible relocation of expansion plans to Miami. Proponents say the pied-à-terre tax could raise around $500 million annually from about 11,200 second homes to help reform a tax system the mayor deems unfair; opponents warn the wealthy may flee. The debate mirrors broader battles over wealth taxes in other states and cities.

via CNN|
#ken-griffin#mamdani#pied-a-terre-tax
Vornado CEO equates 'tax the rich' with slurs, champions the 1%
business24 days ago

Vornado CEO equates 'tax the rich' with slurs, champions the 1%

On a Vornado Realty Trust earnings call, Steve Roth said the phrase 'tax the rich' is as hateful as racial slurs and argued the top 1% drive New York’s economy and taxes; he defended Ken Griffin against mayor Mamdani’s Pied-à-terre tax critique, noted Vornado paid about $560 million in real estate taxes, and suggested Griffin could help back like-minded candidates to grow the tax base.

via The Guardian|
#business#ken-griffin#pied-a-terre-tax
Griffin says Mamdani's wealth-tax campaign video endangered him
politics24 days ago

Griffin says Mamdani's wealth-tax campaign video endangered him

Billionaire Ken Griffin says NYC Mayor Zohran Mamdani's video portraying him as a poster child for taxing the rich — including showing where he lives — put him in harm's way, citing the murder of a CEO to argue risk to investors as he weighs a reported $6 billion NYC project. Mamdani did not publicly address the safety claim, while a mayoral spokesperson defended tax reform that includes the wealthy and pledged to help business growth; Griffin's project future remains undetermined.

via CBS News|
#campaign-video#ken-griffin#new-york-city
politics25 days ago

Vornado CEO: 'Tax the rich' rhetoric is as hateful as slurs

Steve Roth, CEO of Vornado Realty Trust, argued that calls to 'tax the rich' should be praised, not condemned, claiming the phrase is as hateful as racial slurs during an investor call; he criticized Mayor Zohran Mamdani’s pied-à-terre tax video and suggested Ken Griffin could play a role in educating voters, while Hochul resists broad tax hikes and Citadel weighs a paused $6 billion Midtown project involving Roth’s firm.

via Politico|
#pied-a-terre-tax#politics#steve-roth
Billionaire Tax Tricks Could Put Economy at Risk, WSJ Reports
economy3 months ago

Billionaire Tax Tricks Could Put Economy at Risk, WSJ Reports

A Wall Street Journal report highlighted by Common Dreams argues billionaire tax-avoidance and rising wealth concentration threaten the U.S. economy, detailing strategies like stock-based pay, debt-financed living, and the “buy, borrow, die” scheme. It notes California’s wealth‑tax debate and data showing the richest 1% have grown their share of wealth since 1990. The piece warns that if AI accelerates displacement, the biggest gains could go to shareholders while workers see lagging wage growth, raising questions about future tax policy as the economy faces potential market downturns.

via Common Dreams|
#artificial-intelligence#billionaires#economy
politics4 months ago

Mamdani’s tax-the-rich push tests Hochul as NYC budget fight heats up

New York City Mayor Zohran Mamdani used a budget briefing to push Gov. Kathy Hochul to raise taxes on the wealthiest residents and big corporations to close a projected city budget gap, arriving as Hochul launches her reelection. Hochul dismissed the timing, arguing the state has boosted NYC funding and will bring in about $17 billion in extra revenue this year, while watchdogs say the gap could be smaller (around $8 billion) and the political clash underscores tensions in the state-city fiscal relationship ahead of the 2026 campaign.

via Politico|
#albany#hochul#new-york-city-budget
Mass protests in France against austerity and budget cuts
world8 months ago

Mass protests in France against austerity and budget cuts

Hundreds of thousands of protesters across France demonstrated against government austerity measures and called for higher taxes on the wealthy, including support for the proposed Zucman tax on assets over €100 million. The protests, involving over a million demonstrators nationwide, were largely peaceful but saw clashes with police in Paris, with arrests and injuries reported.

via Euractiv|
#austerity#france#protests
"Home Depot Co-founder Criticizes Bernie Sanders' 32-Hour Workweek Proposal as Hypocritical"
businesspolitics2 years ago

"Home Depot Co-founder Criticizes Bernie Sanders' 32-Hour Workweek Proposal as Hypocritical"

Home Depot co-founder Ken Langone criticizes Bernie Sanders' 32-hour workweek proposal, arguing that it would raise labor costs and lead to price hikes for consumers. He accuses Sanders of hypocrisy in his tax-the-rich stance, pointing out the senator's own wealth and his wife's involvement in a failed university. Langone also expresses caution towards supporting Trump, questioning the current state of American politics and the Republican Party.

via Fox News|
#32-hour-workweek#bernie-sanders#businesspolitics
Millionaires Lobby Working-Class Voters for Rich Taxation
politics3 years ago

Millionaires Lobby Working-Class Voters for Rich Taxation

Patriotic Millionaires, a group of millionaires who want to pay higher taxes and raise the minimum wage, are lobbying working-class voters to push Congress to make changes. The group has been unsuccessful in lobbying Congress for over a decade and is now turning to the people who hand them their power. The group is holding meetings in swing states like Whiteville, N.C., where the minimum wage is still $7.25 an hour, and is expanding its push to attract more people to the cause. The meetings aim to show the larger forces at work that drive inequality and to pull back the curtain on the frustration many Americans are feeling.

via NPR|
#economic-inequality#lobbying#minimum-wage