Kamala Harris' presidential campaign included a plan to raise taxes on the wealthiest Americans while maintaining much of Trump's tax cuts. Similarly, New York mayoral candidate Zohran Mamdani is advocating a 2% tax increase on the city's richest residents to generate revenue for initiatives such as free buses and rent freezes. Critics argue that raising taxes on the wealthy could push them to relocate, with notable figures highlighting concerns about losing affluent taxpayers. Historical examples show that high tax rates on the wealthy have been used to support economic needs, raising questions about current feasibility and potential impacts.
Kamala Harris pledged to preserve most of Trump's tax cuts while raising taxes on the wealthiest. Zohran Mamdani proposed a 2% tax increase on rich New Yorkers.
Taxing the wealthy has historical precedent; during WWII, top earners faced rates over 90% to support the economy.
Opponents argue that higher taxes will drive millionaires away, with New York Gov. Kathy Hochul expressing concern about losing wealthy residents.
Business leaders warn that tax increases could lead to significant relocations, with potential impacts on local economies.
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