Governor Hochul Should Support Mamdani's Millionaire Tax Because It's Popular and Necessary
Source: Meagan Day. "Zohran Mamdani’s Millionaire Tax Is Extremely Popular." March 6, 2026. jacobin.com
The Gist
The author argues that New York's governor should support a tax increase on millionaires because polls show most voters want it, and opposing popular policies hurts politicians at election time. The city needs money to fill a huge budget gap, and it's better to tax the rich than raise property taxes on regular homeowners.
Conclusion
Governor Kathy Hochul should support NYC Mayor Zohran Mamdani's proposed millionaire tax rather than opposing it
Premises
- A majority of New York voters support the millionaire tax proposal (54% statewide, 62% in NYC, 72% among Democrats)
- Hochul's own favorability rating is lower (46%) than support for the tax, making opposition politically damaging
- NYC faces a $5.4 billion budget gap that requires new revenue sources
- Without the millionaire tax, the alternative is raising property taxes on all NYC homeowners
- Academic research shows tax-induced migration would have negligible impact on revenue gains
- The wealthy recently received large federal tax cuts under Trump, making this increase a partial clawback
- Other governors like Wes Moore in Maryland have successfully implemented similar tax increases
Assumptions
- Public opinion polling accurately reflects voter preferences and political viability
- Politicians should align their positions with majority public opinion to avoid electoral consequences
- Budget gaps must be filled through either taxing the wealthy or burdening middle-class homeowners
- Academic research on tax migration applies to NYC's specific economic context
- Political success in other states translates to New York's situation