Part 8/15:
A significant part of the discourse centered on Mandani’s proposed economic policies, particularly his plans to tax billionaires and high-income residents. Mandani’s pledge to impose a 2% tax on residents earning over a million dollars, and additional taxes on billionaires, sparked debate among commentators.
Critics argued that taxing the super-rich is ineffective, as billionaires can often relocate to more tax-friendly states or countries. Cities like Florida, Texas, and Tennessee are already experiencing real estate booms and migration from New York, partly driven by the city's increasing tax burden. It was pointed out that many billionaires own multiple residences and can easily move their primary residence elsewhere, reducing the tax base and harming the city's economy.