New York City Mayor Zohran Mamdani claims that the city budget has a $5.4 billion shortfall, and one of the ways he proposes to close that gap is by changing the state’s estate tax laws.
At present, New York imposes a death tax of 16% on estates worth more than $7 million. Mamdani wants to lower that threshold to estates worth only $750,000, he’s proposing increasing the tax to 50%, and the tax would be imposed not only on the assets in excess of $750,000 but on the entirety of the estate.
That may sound like a lot of money to some, but to put things in perspective, the average price of a single-family home in Staten Island or Queens is more than $700,000. In Westchester County, it’s more than $800,000. In other words, a married couple who bought a home 30 or 40 years ago, paid off their mortgage, and saw the value of that asset appreciate over the years will not be able to leave that property to their children – or anyone else – when they die. It will have to be sold, and half the proceeds given to the government.
[…]But no one should be surprised. Mamdani is a “democratic socialist,” which is just another name for a supporter of authoritarian collectivism and defender of demonstrably destructive economic policies.
The initial hook for socialism is typically some version of “we’re just going to get the rich to pay their fair share.” But that has always been nonsense.
First, “the rich” already pay the vast majority of taxes. The wealthiest 1% of Americans pay 40% of all income taxes. The wealthiest 10% pay 72% of all income taxes.
Second, there aren’t enough extremely wealthy people to pay for all the government programs that socialists want to create.
No, the group socialists are really after is the middle class, particularly entrepreneurs and small business owners. They are the real targets, because they are the bulwark against communism and socialism in this country.
[…]Mamdani and his fellow travelers also profess to be concerned for the welfare of immigrants, but socialist policies are just as destructive for newcomers to America as they are for the native-born. Immigrants have played a huge role in American entrepreneurship; half the nation’s startups valued at a $1 billion or more were founded by immigrants. And every city is filled with convenience stores, bodegas, spas, restaurants and other modest-sized businesses launched by immigrants. The ability to come here, start a business and support your family was part of the American dream for many.
Not if Democrats and “democratic socialists” have their way.
— Laura Hollis, March 20 WorldNetDaily column