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?

  • prole [any, any]@hexbear.netEnglish
    4·
    8 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·
      8 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.