With the rich ALREADY fleeing New York, who’d be left for Zohran Mamdani to tax?

Anyone who thinks Zohran Mamdani’s plans to tax the rich are remotely workable, beware: The city’s share of “the rich” is already shrinking.

So if Mamdani gets his way, there soon might be no one at all left to squeeze.

From 2010 to 2022, the Citizens Budget Committee reports, New York state’s share of taxpayers with more than $1 million in federal adjusted gross income shrunk by almost a third — from 12.7% to 8.7%.

The city’s share also fell, from 6.5% to 4.2%.

New York’s loss was other states’ gain, particularly Florida, Texas and even California.

Thanks to inflation, the gross number of million-plus earners in New York grew, but it less than doubled; it tripled in California and Texas and quadrupled in Florida.

New York’s losses come with a steep cost, the CBC warns: “Had New York State and City had the same share of millionaires in 2022 as they did in 2010, the State would have received $10.7 billion more” in personal-income-tax revenue, and “the City $2.5 billion more. More millionaires mean more PIT revenue.”

Read the rest here.