"When Wall Street does well, it's good for our state and city budgets, which are reliant on the industry's significant tax contributions."
"Mamdani's main use of the budget so far is as leverage to get tax hikes - on 'the rich,' if possible, or anyone else if that fails."
"The nonstop war on high-earners is central to his image; he doesn't care that they already cover a huge chunk of the city's bills."
"The beatings will continue until morale improves is an epically foolish approach when the folks you're whipping can simply move out of reach."
Wall Street bonuses hit a record $49.2 billion in 2025, a 9% increase, generating additional tax revenue for the state and city. Mayor Mamdani's budget projected a 15.1% increase in bonuses, while Governor Hochul's budget assumed a 25.9% rise. Despite the positive financial impact of Wall Street, Mamdani continues to advocate for tax hikes on high earners, potentially jeopardizing future revenue. The approach of taxing high earners heavily may drive them away, undermining the city's financial stability.
Read at New York Post
Unable to calculate read time
Collection
[
|
...
]