by NYC’s Wealthy Threaten to Leave (Again)
New York City’s millionaires are having their own version of a toddler tantrum, threatening to pack up their Hermès bags and flee to Florida faster than you can say “tax burden.” The trigger? Democratic Socialist mayor-elect Zohran Mamdani’s modest proposal to slap a whopping 2% tax on anyone earning over $1 million annually. The Mamdani millionaire tax has sent Wall Street into full pearl-clutching mode, because apparently when you’re making seven figures, every penny countsespecially when it might fund frivolous luxuries like free buses or universal childcare.
As Jerry Seinfeld observed: “What’s the deal with billionaires threatening to leave every time someone mentions taxes? ‘Oh no, I might have to pay for the city that made me rich!’ It’s like being mad at the restaurant that fed you because they want you to pay the check.” The outrage machine is in full swing, with billionaires clutching their tax-haven pearls like Victorian ladies encountering ankle-biting socialists. Hedge fund mogul Bill Ackman supposedly pledged hundreds of millions to defeat Mamdanithough he called the candidate “smart,” which is the financial equivalent of saying “it’s not you, it’s me” during a breakup.
Grocery chain owner John Castimatidis floated moving his corporate offices to New Jersey for the duration of Mamdani’s term, because nothing says “I love America” like fleeing across state lines to avoid contributing to society. It’s the corporate equivalent of a teenager threatening to run away from homeexcept the teenager usually comes back for dinner, while billionaires hire PR firms to explain why they deserve participation trophies for basic citizenship.
The mental gymnastics are Olympic-level: “We built this city with our bare hands and genius!” followed immediately by “But if you ask us to pay for maintaining it, we’ll burn it all down and move to a swamp!” Louis C.K. noted: “Rich people are like spoiled children. They want everything, and when you ask them to share, they have a complete meltdown.” The wealthy’s go-to threat remains the same tired playbook: “We’ll move to Florida!” It’s become the financial equivalent of threatening to hold your breath until you turn blue.
Dave Chappelle observed about empty threats: “Man, if you gonna leave, just leave. Don’t announce it like it’s a farewell tour. Nobody’s gonna miss you that much.” The Florida migration fantasy has reached fever pitch among New York’s financial elite, who apparently believe the Sunshine State is some tax-free Shangri-La where money grows on palm trees and regulation is a four-letter word. Never mind that Florida’s infrastructure is held together with hurricane tape and good intentions, or that climate change is slowly turning the state into an expensive underwater museum.
Governor Kathy Hochul has preemptively surrendered, declaring “I don’t want to lose any more people to Palm Beach”apparently unaware that the city has more than doubled its millionaire population over the past decade despite supposed tax refugees. The irony is thicker than New York cheesecake dipped in Wall Street tears: while the ultrawealthy clutch their pearls, data shows they’re about as mobile as a Manhattan parking spot during alternate-side parking. Research indicates only 2.4% of millionaires actually move across state lines annually, compared to 2.9% of regular folks who have better things to do than threaten politicians on Twitter.
Let’s break down this “devastating” burden: someone earning exactly $1 million would pay an additional $20,000 annuallyroughly the cost of a single Hermès Birkin bag or what some New Yorkers spend on rent in eight months. For someone earning $10 million, it means $200,000still less than many spend on private school tuition or wine cellar renovations. We’re talking about people who spend more on art insurance than most families earn in a year, suddenly discovering fiscal responsibility when asked to contribute to the city that enabled their wealth.
Bill Burr captured it perfectly: “Oh no, the billionaire might have to settle for the smaller yacht this year. Quick, someone call the UN, we have a humanitarian crisis!” The tragedy is so profound that violins worldwide are filing for overtime compensation. In a development that surely shocked political consultants, 66% of New Yorkers actually support Mamdani’s proposal. It’s almost as if regular people think billionaires can spare some change for functional public servicesrevolutionary thinking in American politics.
Chris Rock nailed the cognitive dissonance: “Rich people mad about paying taxes is like drug dealers mad about police. You knew the job was dangerous when you took it!” The historical precedent is clear: wealth flight threats are mostly theater. When Bill de Blasio won in 2013 on a similar platform, the same pearl-clutching commenced. The millionaires stayed, the city didn’t collapse, and somehow New York remained the financial center of the universe. California provides another amusing case study: when it implemented its millionaire tax hike in 2005, the millionaire population increased 30% by 2007. Higher taxes are apparently reverse psychology for the wealthy.
SOURCE: https://bohiney.com/mamdani-millionaire-tax-nyc-2025/
SOURCE: Billionaires Melt Down Over 2% Tax (https://bohiney.com/mamdani-millionaire-tax-nyc-2025/)
