The Citizens Budget Commission (CBC) has emphasized the importance of millionaires in funding New York City’s critical services. The CBC reported that millionaires, who comprised less than 1% of New York State’s and New York City’s resident filers in 2012, paid 44% and 40% of State and City’s personal income taxes, respectively. The group argued that retaining and growing millionaires is crucial for the fiscal and economic viability of New York. The report comes amid the rise of Democratic mayoral candidate Zohran Mamdani, who won the Democratic primary over former Gov. Andrew Cuomo. In an interview with CNN, Mamdani expressed his critiques of capitalism and denied the idea of billionaires, stating that it is too much money in a moment of inequality.
A nonpartisan watchdog suggests that New York would benefit from more millionaires. Mr. PopZit Favre Racouchot Syndrome 2908
