NYC’s socialist movement forcing millionaires to flee the state — leaving Mamdani, DSA in a bind
By Judge Glock
Published July 13, 2026, 10:38 p.m. ET
Americans are some of the most mobile people on Earth: They move homes about three times more often than Europeans.
As a recent report shows, that mobility is a problem for New York’s rising socialist movement.
A new Citizens Budget Committee report found that New York’s share of millionaires, those earning more than a million dollars a year, declined more than any other state since 2010.
The state went from having 12.7% of all millionaires in the nation to 8.7%.
Worse yet, in the more recent years, the state’s highest earners have been leaving much faster than its lowest earners.
The flight of the millionaires leaves the rising Democratic Socialists of America movement, and Mayor Mamdani in particular, in a bind.
On one hand, DSA campaigns have centered around attacking the millionaires and billionaires whom they claim are squeezing working citizens.
On the other, the DSA needs those same people to pay exorbitant taxes to fund their social programs.
Mamdani in his campaign wanted to raise taxes on millionaires by 2%.
The New York City DSA’s chapter suggests the state should raise taxes on those making over $300,000 a year and on capital gains and inheritances as well.
Unfortunately, New York has little room to further squeeze the well-off: It already ranks second in the nation in terms of percent of income taken as taxes.
New York City’s tax rates on the wealthy are already the highest in the nation.
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https://nypost.com/2026/07/13/opinion/nycs-socialist-movement-forcing-millionaires-to-flee-the-state-leaving-mamdani-dsa-in-a-bind/
