We suppose the silver lining of New York electing an avowed Democratic Socialist as mayor is that we’ll get to see how disastrous his socialist policies really are, and that’ll discourage the rest of the nation from voting for socialism. But we won’t pretend that learning that lesson will be hard, especially for the people of New York who didn’t vote for Mamdani.
In his latest tax-grab scheme, Zohran Mamdani vows to tax businesses that leave New York and, it seems, any company that merely does business in New York, even if they’re headquartered elsewhere.
“So the way that this tax works is it applies to any business doing business here. They could be located in Miami, but if they’re doing business in New York, it applies to them,” Mamdani said.
This policy proposal is insane. So insane, in fact, we don’t even know how to wrap our heads around it. That’s hundreds of thousands of businesses, including international ones.
It doesn’t take an economist to see the major flaws in Mamdani’s plan, either. For starters, there’s nothing stopping businesses from passing along those tax hikes to consumers. In fact, if they wanted to continue doing business in the Big Apple, that’s exactly what they’d do.