Civil Budget Commission (CBC), a nonpartison think tankArgued that millionaires are important for the financing of important services of New York City and the city should work to maintain them.
The CBC said in a Thursday report, “Millionaires are important for the tax base of New York. In 2012, they were less than 1 percent of the residents of New York State and New York City, yet 44 percent and 40 percent paid individual income taxes of the state and city.”
The group said, “New York’s millionaires are seriously important for the fiscal and economic viability of New York. There is probably no better way to provide seriously essential services in New York than maintaining and growing.”
The report states, “Maintaining, attracting or increasing the number of millionaires is an unseen cost.”
The report came amidst the rise of Zoharan Mamdani, a candidate of the Democratic Mayor of New York City, a Democratic Socialist who shocked political supervisors in June with a victory over the former village Andrew Koomo (D) in Democratic Primary.
In an interview on CNN in June, Outlet Erin Burnett questioned Mammadani about capitalism.
“Do you like capitalism?” Burnett asked.
“No, I have many criticisms of capitalism,” Mammadani replied.
Mamdani also told NBC News’s Christon Velkar in June That he did not believe “We must have billionaires, because, clearly, this is a lot of money in a moment of such inequality.”
