New York City Mayor Zohran Mamdani and the Democratic Socialists of America (DSA) for proposing tax increases that the editorial claims disproportionately target middle-income earners rather than just the wealthy.
• The DSA claims the proposed tax increases will only affect those earning over $1 million, but the editorial points out that the tax hike would actually start at $450,000 for individuals and $500,000 for couples.
• Proposed tax rates include raising the state tax from 6.5% to 7.5% for incomes above these thresholds, along with additional tax increases for lower middle-income brackets.
• The editorial argues that Mamdani and the DSA are misleading the public about the tax implications. If the proposal passes, New Yorkers could face the highest combined federal, state, and city tax rates in the world, reaching 65% for those earning over $20 million.
• The editorial warns that such high taxes may drive wealthy individuals out of the city, potentially harming New York’s budget and economy.
The editorial questions the honesty of the DSA and suggests that if they are not truthful about tax increases targeting millionaires, voters should be wary of what else might be misleading in their proposals.
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