Part 3/12:
The new mayor's plan to impose an additional 2% tax on the wealthy, coupled with increased corporate taxes, raises fears of a massive exodus among the rich. Estimates suggest that between 10-15% of millionaires and billionaires are considering relocating their residences or businesses elsewhere. Furthermore, 3-5% of major companies could choose to shut down or move out entirely, resulting in an annual loss of $1.3 to $2.4 billion in tax revenue.
This financial drain could have a ripple effect: as the tax base shrinks, ordinary residents will face increased rent, higher local taxes, and escalating grocery prices. The core argument is that targeting the wealthy with punitive taxes only pushes capital and jobs out of the city, leaving everyday residents to shoulder the burden.