Progressives and Conservatives Are Wrong About Taxing the Rich

Calls to “tax the rich” are, once again, gaining traction online in recent weeks. It kicked off last month after New York Governor Kathy Hochul proposed a new tax on second homes in New York City worth more than $5 million. That got little attention, but it was New York City mayor Zohran Mamdani who turned it into a viral issue with a video promoting Hochul’s tax, filmed in front of a billionaire’s nine-figure penthouse. Mamdani framed the proposal as a tiny contribution made by billionaires sitting on empty luxury NYC housing that will quickly raise $500 million to help provide things like