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tax the rich
New York Mayor Mamdani Applauded for Closing $12 Billion Budget Deficit Without Austerity Measures
"We didn’t close the gap on the backs of working people," said Mayor Zohran Mamdani. "We closed it while funding parks, libraries, safer streets and making historic investments in public housing."
May 13, 2026
In announcing New York City's executive budget for the 2027 fiscal year on Tuesday, Mayor Zohran Mamdani proved that when city governments "stand with working families, not billionaires, there is nothing they cannot accomplish," said US Sen. Bernie Sanders, an early backer of the democratic socialist leader.
"Congratulations to Mayor Mamdani," said the Vermont independent senator. "He inherited a huge budget deficit, brought it down to zero, and still invested in childcare, housing, and city infrastructure."
Sanders was among the progressives applauding the announcement by Mamdani and Democratic New York Gov. Kathy Hochul of new agreements between the city and Albany that, along with savings found by Mamdani's administration in the city budget and new taxes on wealthy households, resulted in a balanced budget for the city just four months after the mayor "inherited a $12 billion budget deficit" from former Mayor Eric Adams.
"We didn’t close the gap on the backs of working people," said Mamdani. "We closed it while funding parks, libraries, safer streets, and making historic investments in public housing. Call it pothole politics. Call it democratic socialism. It's government that delivers for the people who make this city run. That’s what New Yorkers deserve. And that’s what we will keep fighting for every single day."
Mamdani emphasized that negotiations with Albany and "months of painstaking work" to analyze the city's spending had allowed the city government to arrive at a "fully balanced budget" without slashing essential services for working New Yorkers.
"Many said the only way out of this was slashing services and passing an austerity budget," said Mamdani in a video his office posted on social media. "We rejected that."
When we came into office, we uncovered a $12 billion budget deficit.
Today, I’m proud to say we brought it down to zero.
We didn’t close the gap on the backs of working people.
We closed it while funding parks, libraries, safer streets and making historic investments in public… pic.twitter.com/TbNu6fhvjs
— Mayor Zohran Kwame Mamdani (@NYCMayor) May 12, 2026
Mamdani and Hochul announced that negotiations between the city and state had resulted in an additional $4 billion in funding from Albany, building on $1.5 billion the governor had committed to providing in February and funding for the city's universal childcare program.
The budget—which is still subject to negotiations with the City Council and final resolution with the state budget—includes the pied-à-terre tax Mamdani announced last month, with second homes valued at over $5 million subject to the tax, as well as a proposed unincorporated business tax on sole proprietorships and LLCs. Those new taxes are set to raise an estimated $500 million and $68 million, respectively, reported David Dayen at The American Prospect.
As Common Dreams reported in March, Mamdani's government found $1.77 billion in savings by combing through the city's spending and finding ways to cut expensive software and technology contracts, shrink the government's "physical footprint" and rental expenses by giving up excess property, and reduce unnecessary overtime. The savings, Mamdani noted, were not achieved by slashing programs for New Yorkers in need.
Dayen reported that the deficit was also closed by delaying a class size reduction law, primarily affecting higher-income schools; restructuring the timing of certain pension payments while making no changes to benefits and continuing to fund city pension funds above the national average; centralizing support funds and making other changes to a rental assistance program; and reducing the use of Carter cases, which allow students with disabilities to have private school education expenses reimbursed by the city.
"Despite endless speculation that a socialist couldn’t manage a budget, Mayor Zohran Mamdani helped close a $12 billion deficit without major cuts to public services—all while continuing investments in parks, libraries, safer streets, public housing, and continuing to inspire millions of people that government can work for the people," said the grassroots progressive political advocacy group Our Revolution.
Olivia Leirer, co-executive director of the local grassroots organization New York Communities for Change, applauded the proposed budget and said the group plans to work with the mayor's office and the City Council to push for a $10 million investment to help low-income families replace inefficient and polluting oil and gas boilers, as well as more investments in childcare for the city's lowest-income families.
"Mayor Mamdani was always going to have to contend with the gaping $12 billion hole that Eric Adams left in our city budget," said Leirer. "While this budget proposal falls short in some areas, it shows that it’s possible to balance the budget without balancing it on the backs of working people. We commend the mayor for pushing Governor Hochul to tax luxury second homes, and we also appreciate the administration’s meaningful investments in childcare and the city’s workforce."
"This commitment is exactly why New Yorkers voted Mamdani into office last fall," she added, "For real, commonsense solutions to alleviate our city’s cost-of-living crisis."
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Billionaire Compares 'Tax the Rich' Calls to Hate Speech as Study Finds Barely Half of Americans Earn Living Wage
Vornado CEO Steven Roth was particularly upset by New York City Mayor Zohran Mamdani's proposed tax on second homes in the city that are valued at $5 million or more.
May 06, 2026
A real estate investment tycoon on Tuesday said that calls to raise taxes on the wealthiest Americans were akin to "racial slurs."
As reported by The New York Times, Vornado Realty Trust CEO Steven Roth took time during his company's latest earnings call to decry calls from politicians such as New York City Mayor Zohran Mamdani to fund public programs by taxing the rich.
“I must say that I consider the phrase ‘tax the rich’... when spit out with anger and contempt by politicians both here and across the country, to be just as hateful as some disgusting racial slurs," said Roth.
Roth took aim at Mamdani for celebrating a proposed pied-à-terre tax on luxury properties worth more than $5 million whose owners have other primary homes, and was particularly upset that the mayor filmed a video announcing the tax outside a $238 million penthouse owned by Ken Griffin, the CEO of the hedge fund Citadel. He called the announcement “dangerous" and an “ugly, unnecessary video stunt.”
The Vornado CEO went on to say that America's wealthiest individuals deserve the nation's gratitude, not their scorn.
"The rich, whom the politicians are targeting... are the epitome of the American dream,” he said. “They are at the top of the great American economic pyramid for a reason. They should be praised and thanked."
Roth's remarks drew criticism from Douglas Farrar, former director of the Office of Public Affairs at the Federal Trade Commission under President Joe Biden.
"A billionaire real estate CEO compared being asked to pay taxes to a racial slur, then said the top 1% should be 'praised and thanked,'" Farrar wrote in a social media post. "There was a time when the wealthy had the good sense to be quiet about it. Now they demand gratitude on earnings calls."
Activist and healthcare advocate Melanie D'Arrigo noted that Roth build developments in the city after intentionally allowing properties to sit in a state of blight for years, which "gutted Black and brown neighborhoods in exchange for billions in tax breaks."
Roth's lamentations about the treatment of the wealthy in the US came as human resources and software services company Dayforce teamed with the Living Wage Institute to release a new study showing that the percentage of Americans earning a living wage has significantly declined over the last five years, from 55.8% in 2021 to 50.7% in 2025.
The report notes that "job growth has recently slowed, and millions of workers haven’t seen a meaningful improvement in their financial situation," even as "the costs of housing, food, childcare, and other essentials are elevated, energy prices have spiked, and affordability continues to be a major issue for a significant share of the workforce."
The data in the report all came from 2025, before President Donald Trump launched his illegal war with Iran that has sent gas prices soaring above $4.50 per gallon and is threatening to unleash a global food crisis.
US consumer sentiment as measured by the University of Michigan hit a record low last month, and the university found that the effects of the Iran war were the primary drivers of Americans' economic pessimism.
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A Four-Word Response for Those Upset With Jeff Bezos for Any Number of Reasons: 'Tax the Damn Rich'
Sen. Bernie Sanders noted that the billionaire spent $10 million on the Met Gala, $120 million on a penthouse, and $500 million on a yacht while "planning to throw 600,000 Amazon workers out on the streets and replace them with robots."
May 05, 2026
Amazon founder Jeff Bezos in recent weeks has come under fire for a wide variety of reasons, including his involvement with the 2026 Met Gala and his plans to build a robot workforce.
A Monday report from The Hollywood Reporter noted that Bezos, despite being a lead sponsor of this year's Met Gala, did not make an appearance at the event's red carpet as he had in past years.
Bezos' sponsorship of the Gala has been hit with heavy criticism in recent weeks, as many activists slammed the New York Metropolitan Museum of Art for taking the tech mogul's money despite his company's labor practices and reported involvement in helping US Immigration and Customs Enforcement (ICE) operations.
According to The Hollywood Reporter, other critics "accused the billionaire of buying influence with the major event and speculation swirled that some stars may boycott the event due to his involvement."
In addition to not appearing at the Met Gala red carpet, Bezos is reportedly trying to lower his profile by selling his $500 million luxury yacht.
The New York Post reported on Monday that Bezos has decided that the 417-foot vessel has become "too recognizable," and is also a headache to maintain, costing an estimated $30 million per year to operate.
Sen. Bernie Sanders (I-Vt.) on Tuesday argued that Bezos' lavish spending and his plan to build an army of robots to replace human workers was symbolic of American capitalism in 2026.
"The reality of American life today," Sanders wrote in a social media post. "Jeff Bezos, worth $290 billion, spent: $10 million on the Met Gala, $120 million on a penthouse, $500 million on a yacht. Meanwhile, he‘s planning to throw 600,000 Amazon workers out on the streets and replace them with robots. Unacceptable."
Warren Gunnels, Sanders' staff director, similarly made the case that Bezos' spending spree was yet another argument for raising taxes on the wealthiest Americans.
"Jeff Bezos, who paid $10 million for the Met Gala," Gunnels wrote, "got $62 billion richer since [President Donald] Trump was elected and spent $500 million on a yacht to sail to his $55 million wedding in Venice to give his wife a $5 million ring because his tax rate is less than 1%. Four words: Tax the damn rich."
Labor unions, which have long clashed with Bezos over Amazon's aggressive union-busting tactics, held their own rival "Ball Without Billionaires" on Monday evening to protest the Bezos-funded Met Gala.
As reported by Democracy Now!, the gala featured "Amazon, Whole Foods, Washington Post, Starbucks, and Uber workers" who "walked the runway in looks by immigrant designers."
April Verrett, president of the Service Employees International Union, said the Ball Without Billionaires was "not just about fashion" but "about power" and "telling the truth that people who sew and care and drive and cook and clean and secure and those that create are the ones who make everything possible."
Workers at the New York Metropolitan Museum of Art, who earlier this year voted to unionize, registered their own disapproval of this year's Met Gala, posting a message on Instagram informing followers that "91% of hourly Met staff in our unit earn less than a living wage."
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