Will Mamdani’s Proposed Millionaire Tax Save Or Sink New York City?

What’s would be the real result of a new millionaire tax in New York City?

Billionaire Bill Ackman, founder and CEO of Pershing Square Capital Management, suggests the answer is that wealthy taxpayers will flee. In a post on X (formerly Twitter), Ackman lamented Zohran Mamdani’s Democratic primary win in the New York City mayoral race, by stating, “New York City under Mamdani is about to become much more dangerous and economically unviable.”

Ackman’s post, which has garnered more than four million views, was a direct response to Mamdani’s surprise Democratic primary win in the Big Apple. The 33-year-old Democrat garnered 44% of the vote…

Read the full article at FORBES.COM