Bloomberg Finds New York Has a 'Budget Gap' When the Rich Aren't Taxed
📰 THE STORY: Bloomberg Politics reports that New York Mayor Zohran Mamdani is pressuring Governor Kathy Hochul to raise taxes on the city's richest individuals and corporations to address growing budget deficits, while also requesting more state aid. 🔍 WHAT THEY'RE NOT TELLING YOU: Historical Context: Since the 1980s, 'trickle-down economics' has been the dominant ideology, leading to decades of
tax cuts for corporations and the wealthy. For instance, the top federal income tax rate was 70% in 1980, plummeting to 28% by 1988 under Reagan, and has stayed low. These cuts have systematically starved public services, creating the very 'budget gaps' Mamdani is now trying to fill. Double Standard: When governments funnel billions in taxpayer money to corporations through subsidies and tax
breaks—often for the promise of jobs that never fully materialize or quickly disappear—it's framed as 'economic development.' But when a mayor suggests a modest increase in taxes on the ultra-rich to fund essential public services, it's painted as a controversial, possibly even radical, move. Contrast this with the swift and unquestioning allocation of over $100 billion to Ukraine since 2022, or
the perpetual multi-billion dollar aid packages to Israel ($3.8 billion annually), without similar hand-wringing over 'budget gaps.' Follow the Money: The financial elite, precisely those whom Mamdani seeks to tax, are the primary beneficiaries of the status quo. Major corporations and investment firms pour millions into lobbying efforts and political campaigns to ensure these tax structures