A video being shared online shows New York City Mayor Zohran Mamdani and Senator Bernie Sanders speaking at a rally about planned tax increases targeting wealthy individuals and businesses. The clip is sparking online debate about the proposal, which comes shortly before the city budget is due and amid concerns about New York’s business environment.
The X post, which was shared by account @WallStreetApes, shows New York City Mayor Zohran Mamdani and Senator Bernie Sanders promoting a tax increase on high‑income earners and large businesses before the city’s April 1 budget vote. This has been a contentious post with a debate still raging in the comments on whether or not this will be good for New York.
As outlined in the post, New York City Mayor Zohran Mamdani and Senator Bernie Sanders support a tax proposal that creates additional top brackets for individuals and businesses. The plan suggests people with incomes higher than $5 billion should be subject to a 10.8% state tax, and those with revenues exceeding $25 million would pay 11.4%.
Similarly, those rates would apply to corporations with earnings over $5 million and $25 million. If combined with city and federal taxes, these measures would push the total tax rate for top earners and big corporations to approximately 52%.
Online Reactions to the New York Tax Proposal
The post stirred up a lot of responses online, with most people feeling annoyed and worried about the new taxes. One of the users cautioned, “Tax increases lead to job loss and business relocation. If passed, this will push more businesses out. It’s the usual socialist strategy.” Someone else wrote, “Honestly, I’d just move to Texas or Florida.”
Others pointed to real-world effects they’re already seeing. “My company makes stuff that well-off people buy. Our sales in New York are down 30%, our sales in Florida are skyrocketing, hmmm,” one person wrote. Another joked, “Why don’t we just let New York pay all of our taxes? It wouldn’t be much more.”
Some comments struck a more resigned tone. “Mass exodus incoming! Oh, when will New Yorkers realize that this will just hit them where it hurts!” one user wrote, while another remarked, “Some people have to learn the hard way. They got what they wanted. Live with it.”
This proposal has captured headlines due to its size and when it was revealed. Unveiled shortly before the April 1 budget cut-off for New York City, it takes direct aim at the steepest income brackets in the U.S. – both people and enterprises. It’s also sparked a lively debate online about the implications for corporate investment, urban expansion, and the general approach to taxing the rich in the USA’s financial capital.
The post has since become part of a larger online conversation surrounding taxation, fiscal policy, and the decisions the highest earners in America’s biggest cities are having to make before important budget negotiations.
