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New York’s wealthy warn of a tax exodus after Mamdani’s win – but the data says otherwise

By Cristobal Young, Associate Professor of Sociology, Cornell University

New York’s mayor-elect, Zohran Mamdani, campaigned on a promise to raise the city’s income tax on its richest residents from 3.9% to 5.9%. Combined with the state income tax, which is 10.9% for the top bracket, the increase would cement the city’s position as having the highest taxes on top earners in the country.

It set off a…

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