The presumptive selection (pending the results of New York’s ranked-voting system) of Democratic Socialist Zohran Mamdani as the Democratic nominee has sent shockwaves throughout the business and political establishment. For those calling for the party to move more to the center, New Yorkers just responded with a Bronx cheer by choosing a socialist who wants city-run grocery stores, an eleven-percent city corporate tax rate, free child care, free buses, and other far-left wish list items. Real estate in Florida is about to skyrocket.
Mamdani has said that he intends to make New York a “model for the Democratic Party” by moving to the far left and embracing socialist policies. Despite being called anti-Israel, Mamdani crushed Andrew Cuomo with young college-educated voters.
He promised to pay for freezing rents, providing free child care, and other programs by “taxing the rich.” It is a return to the “eat the rich” calls of figures from Sen. Elizabeth Warren (D., Mass.) to former mayor Bill de Blasio.
Politicians have long turned to the “Eat the rich!” battle cry when things are not working out politically or economically. When struggling in the 2020 Democratic presidential primaries, Sen. Elizabeth Warren (D-Mass.) pledged a wealth tax, declaring that she was coming after “the diamonds, the yachts, and the Rembrandts too.” Then-New York City Mayor Bill de Blasio, another Democratic contender at the time, was barely registering in the polls when he promised that “we will tax the hell out of the wealthy.”
The election also reinforces the opposition of many to the move to restore the state and local tax (SALT) deductions, which forces taxpayers in low-tax states to subsidize residents in high-tax states, such as California and New York. By allowing the deductions, politicians can assure New Yorkers that they will receive some of the money back from the rest of the country through deductions, justifying even higher tax hikes. I have long opposed SALT deductions as a uniquely bad idea.
The question is whether wealthy individuals and corporations will accelerate the exit from New York in light of continued support for increasing tax burdens and public subsidies.
Eric Adams could still prevail over Mamdani as an independent in the general election. Cuomo has also not ruled out an independent run. However, the results of the election show the increasing hold of socialist politics on many New Yorkers.
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Author: jonathanturley
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