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NYC Mayor Proposes Millionaire Tax Amid Exodus Crisis

1/19/2026

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Summary

Story summary

Zohran Mamdani, the mayor of New York City, proposes a 2% tax on millionaires to retain wealthy residents, lifting the burden to 16.8%.
Experts warn aggressive enforcement, including school enrollment and residency checks, may push residents toward Florida.
From 2021 to 2024, about 900,000 left New York, with over 125,000 to Florida and $14 billion in income.
Experts recommend hiring legal assistance for those relocating.

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Story summary

Zohran Mamdani, the mayor of New York City, proposes a 2% tax on millionaires to retain wealthy residents, lifting the burden to 16.8%.
Experts warn aggressive enforcement, including school enrollment and residency checks, may push residents toward Florida.
From 2021 to 2024, about 900,000 left New York, with over 125,000 to Florida and $14 billion in income.
Experts recommend hiring legal assistance for those relocating.