(TikTok screencap)
You must log in or register to comment.
I thought he didn’t adjust taxes? I thought pension funds were used.
I’m not 100% up to date though so i may just be wrong.
He suspended pensions contributions, took just over $1bn in state aid funding and exemptions from state regulations, and delayed initiatives such as classroom size reduction. The city also over-estimated the number of employees it would have this year so that was an extra special saving of $1.3bn when expected outgoings were reconciled with the actual number. The actual tax increases he has implemented would “only” be worth $500m.
Basically it was a one-time thing, and the budget won’t be balanced next year, and the tax increases are nowhere near enough. But it got good press for a couple of days which I suspect was the point.
Something similar happened with the Federal Liberals in Australia a few years back, maybe in a more cynical manoeuvre. They structured things to get two or three good years of budget balance, had a big song and dance about budget being ‘back in black’, coffee mugs were made, anybody who cared to read a little understood the transitory nature of it, but that didn’t stop the media screeching and squawking.
Joke was on the Liberals in the end, their main opposition, Labor, benefited more from those years than they did, since the Liberals then went ahead and lost the next election.
Lets hope Mamdani is less cynical, and has more humility than the Australian Liberals. In the process proving to Americans that some right winger churning out Friedman quotes isn’t actually that good for an economy.
It’s both. He convinced Kathy Hochul to pass a tax on second properties (pied-à-terre tax), but he also suspended pension contributions for 5 years.
To be fair, NYC has always had a balanced budget. It’s literally required by law.
Though there’s definitely been an increase of social services which is good.
Though I think it’s a misrepresentation to say that money came from taxing rich people more. The bulk of it, if I’m not much mistaken, has been from some creative accounting with the NYC pension system.
This is true, but also Adams left a huge deficit on his way out with must-pays with the sole intention of hurting Mamdani utilizing that requirement as a cudgel. It’s nothing short of impressive that he was able to stick to his values and reverse the damage at the same time.
It’s nothing short of impressive that he was able to stick to his values and reverse the damage at the same time.
Was he able to do that? How do we know that at this point?
Giving the freedom to billionaires to not pay taxes because they donate to charity is so very wrong.
I don’t have the power to decide where my taxes go. They shouldn’t either.
“Who knew non-profit would be so profitable?!”
As much as it would hurt charities, removing the tax deduction for donations of any kind feels necessary at this point.
Turns out, lots of charities are also grifts for their administrators.
Sam Altman knew.
Well, they’re actually not paying taxes on that portion. So they’re effectively getting to use your taxes to to multiply their promotion of whatever the goverment defines as charitable, be it food pantries or religious communities “providing” conversion therapy.
Why are all the memes now text on top of pictures of randos
deleted by creator
Now watch me TikTok it further by pasting half of my blurred, blotchy head in the image so that I can point repeatedly in the general direction of the video I want you to see. Maybe even point at my ear once or twice to say, “Lishhun too, bruh…”
I hate that platform so much. I swear most people are operating on half-spent watch batteries nowadays and have just come to accept this crap as passable content.
deleted by creator
I remember at school we weren’t allowed to use Wikipedia, and further “it hurt your ability to actually research issues”.
Or the internet in general not having to find answers in books.
The next thing is always the boogyman huh
deleted by creator
I remember being told “anyone can edit wikipedia” as the reason it wasn’t allowed. It wasnt a verifiable source. But at least for the most part, they try to remain factual.
Tiktok is pushing a specific agenda with their algorithm and trying to drive engagement and addiction. They don’t care if what gets put on their platform is true at all.
Mamdani? oh dont you mean CIA Fake Leftist Plant Mamdani? libs falling for it again after AOC-IA
Are you paid to to be this stupid and simping for China? Xi isn’t going to fuck you.
Thanks for reminding me why I had you tagged “posting as praxis”. Go outside dweeb
Yeah the CIA is definitely known for planting left wing politicians
This user also thinks that Russia is the good guy.
Oh just a classic .ml tankie then
If he’s CIA he’s the least effective agent imaginable. He’s single-handedly made running on class politics a winning strategy in new York and swayed the entire state into adopting more of that. CIA works for the oligarchs and status quo, so what good has he done them? Seems dumb
Oh no, we fell for taxing billionaires again!
It’s always weird cuz I donate to Charities and I also already pay taxes. How come they can’t do both?
Abso-fucking-lutely.
Every billionaire is complicit, including your favorite billionaire: The pop star, the superstar athlete, the philanthropist, or the guru who cosplays as middle class. They’re all motherfuckers.
This is why I can’t stand to watch professional sports anymore, just some millionaire getting payed by his billionaire owner to play a game so you stay distracted by your bread and circuses.
Whatever you do, never mention this world-view at work, if you value your career.
I just hoot and holler along.
Totally honestly, I’m pretty open about all my views no matter where I am.
Me too, because I don’t really have a career. I’ve somehow sunk to my level of barely-competent “work” and collect a paycheck.
Like what’s even the point. Why do you care which oligarch leased the best toys for themselves this season?
Wtf is this take? Her net worth is $2 billion, she couldn’t have paid off the deficit if she tried
In the 1950s and into the 1960s, we had a 91% tax rate on the top tier tax bracket. By the late 1960s and to the 80s, that was reduced to about 70%. By the end of the 80s, it was under 30%.
In the 1950s, when a businessman realized they were $10,000 into that top tier, they had two options: Cut a check to the IRS for $9100, or increase their business spending by $10,000. Keep $900 for themselves, or keep $10,000 worth of products and services for their business. Nobody chose the former. Nobody paid the 91% tax rate. They all spent it. Even if they falsely claimed personal expenses as business, they spent it. They were using it to buy sports cars and airplanes and other things produced by workers. They weren’t spending it on stock portfolios.
In spending that $10,000, they paid workers, whose income was taxed. Those workers spent their extra earnings, paying sales tax and more workers. Those workers spent their extra earnings, paying sales tax and more workers. The avoidance of the high tax rate kept the money from stagnating in a portfolio. It drove the economy, which increased tax revenue.
Her $2 billion wouldn’t pay off the deficit, no. But, circulating that same $2 billion through the economy, increasing the “velocity of money” would increase total tax revenue far beyond that $2 billion.
Shhhhh. Being reasonable is not what this thread is for. This thread is for misogyny
And yet, still obviously paying far, far too little in taxes.
Like all billionaires.
Well yea, I’m not a billionaire defender, but the narrative here is kinda not what happened
That’s your interpretation.
I think this person pointed out Taylor Swift because they’re largely seen as one of the ‘good’ billionaires, but all billionaires deserve criticism, including her.
Aaaah she’ll shake it off.
(Which is a mandamitory remark at this point)
He balanced the budget by doing some things right! But an additional 4bn came from the Governor that is trying to get reelected and is sucking up. Don’t forget that.
How much of that 4bn originally came from the city anyway?
Oof that’s a difficult question. Do those that generate the revenue deserve more of said revenue or is there some redistribution?
Doesn’t matter to me right now because I think he is doing a great job
I think if there’s a surplus it should be redistributed, but the city should get what it needs to balance it’s budget before anything goes to the state/fed. This spending could be audited by the state to ensure that the money is not going to waste/corruption. Those who are producing the revenue should be able to benefit from it before anything goes to others.
I disagree with that. M understanding of a society is that you are helping on another. That should create an equal level of wealth, comfort, whatever you want to call it. So much for the theory.
Budgets are numbers set by what do I have and what do I want. And the want part is dynamic just as much as the have part. And as soon as there is some have everybody wants something. Why wouldn’t you just keep it all?
Another point is that a city can’t exist on its own. It needs food, water, logistics and people that come in to work. It is a giant standing on another kind of giants shoulders. It is not only morally right to share the revenue but necessary to keep the system running.
Speaking of morals: of course we need to help the others that are less fortunate.
This isn’t about wants. These are needs NYC is massive and has an absolute fuckton of problems that need to be solved as a result of that. This money is to take care of it’s citizens/infrastructure that are currently not having their needs met. People living/working in NYC should have the revenue they create go towards those things until their needs are covered. Paying for stuff provided by the rest of the state should also be included in that.
“Wants” would be the surplus I was talking about. If they get to that point then yea that money should be shared. Obviously societies should use their surplus to take care of those that need help but it’s not fair to expect those that are not having their needs met to give to others.
Like i understand this, but also (as an NYC resident) its extremely demoralizing to spend so much money on taxes and not see those taxes reflected back in the city (crumbling infra, disgusting streets, a subway system that constantly smells like hot piss, etc) and is exactly why people end up leaving NYC/high tax areas because they don’t feel like their money is going to good use.
The cost of external logistics like water, waste management, highways, etc should be factored into the budget
I have no problem helping people, but I have a problem with a massive chunk of my tax dollars going to red towns who are constantly fighting to pay the least (while getting bankrolled by the rest of us) while I live in a city where things are literally falling apart.
Me made 500 million from taxing more. He made up the other 11.5 billion from State subsides and stopping pension contributions.
And I applaud that!
Right, no one deserves to retire. We can’t afford it
Pension bit is a bit iffy.
And that’s fine for now, we will see what happens moving forward
Absolutely! I think he is doing great and want them to succeed
1000% The more he succeeds and shows that these principles progressives have pushed for years are effective the more we can hopefully swing the rest of the nation and get votes for a better country for all of us.
Get all chummy with the ol prez…uhhh…dente… oh don’t worry about me boss… we can play good cop bad cop. I am gonna just be playing same ol liberal in the long run. I have long term plans just like ol milkers nancys poodle. Look at me don’t I look good. I smell good. You look good too boss. But yeah we gotta look like we kinda don’t like each other. That ok muy boy, you are in the big leagues now. Remember it is all about managing perception. You the good cop, I am bad cop but you know whats it is all about… you wouldn’t be here if you didn’t know. Yeah I get it boss too much or never enough by a thread so the next election cycle they have a carrot to go after but never fix the problem. We need the order out of chaos. They need to know that woke fascism is better than the other form which is really just the same.
The left and right paradigm… back and forth wratcheting further and further to the right with bandaids that don’t even stick. Wall street owns you!!! The federal goverment works only in the service of the self interest of capital. The rest follows the same pattern. I have been alive too long to fall for this back and forth. Maybe people put too much faith into politcians as they want to just believe and not truly live. Maybe we worship idols. Crumbs in the mecca of the imperial core. These politicians are in rock and hard place… thats what they signed up for… it is tempory position in which they hope to find employment in the private sector or some other high paying position or title. The world as you know it is just not real. Your broken heart after voting is apart of the process though. Go get em tiger!!! I vote sometimes like I rip ass. It is what it is
I knew it was Taylor Swift’s fault the whole time. :)
😂😂😂😂😂😂😂😂😂😂😂 I love Lemmy fr
What you have to understand is that Taylor Swift paid a very tiny portion of her net worth in taxes. And she probably spends more flying around on her jet then she does in paying taxes.
Rich people don’t pay taxes as a sport not to save money. They just want to be part of that club.
THANK YOU 👏👏
Mamdani making T. Swizzle pay NYC taxes was the reason he balanced the budget? I thought it’s because he negotiated with NY state for aid (which, fair game; NYC pays more in taxes than it gets back), delayed the city pension, and is finalizing a pied-à-terre tax.
What meaningful raise on Taylor Swift’s taxes has Zohran Mamdani imposed? Did she not pay taxes before? What’s the source here?
The real world is allowed to be complicated and messy, and ironically, reducing it to “hurr durr he taxed Taylor Swift” is doing a disservice to what Mamdani actually managed to work out to balance the budget – which is imperfect, but he inherited a $12 billion deficit from a grifter. It’s good for what it is.
Yeah this seriously needs a source
Taylor Swift owns multiple secondary properties in New York City.
She has amassed a massive real estate footprint on a single block in Tribeca, worth an estimated $50+ million. Her holdings include:
- An 8,000-square-foot duplex penthouse at 155 Franklin Street.
- A second-floor unit in the same building purchased for nearly $10 million.
- An $18 million townhouse right next door at 153 Franklin Street.
Governor Hochul and Mayor Mamdani finalized a deal to implement a pied-à-terre tax surcharge on luxury secondary residences in NYC.
The tax starts as a 4% surcharge on the property’s value and then there is an annual charge that scales up progressively based on the assessed value.
Rhode Island passed a similar luxury second-home tax targeting non-resident estates over $1 million, a piece of legislation that press media explicitly nicknamed the “Taylor Swift Tax” due to its impact on her $17 million Watch Hill mansion.
To say that this alone is balancing the budget is an oversimplification (what are hot takes if not reductive) but the tax will have a meaningful impact because she owns a lot of property in NYC.
The tax in its entirety is supposed to bring around 500 million. The NYC budget was 12 billion in the red.
It’s a great start, but suggesting that they managed to balance out the budget thanks to something that handled 1/24th of that deficit is just silly.
Enough partial solutions will sum up to a whole. If we treat them all as insignificant, then none will be enacted and no progress will be made.
Did I say anything remotely like that?
Or, maybe, did I say “it’s a great start, but let’s not overreact”?
Sure, it is reductive but I also get what the image is referring to and don’t think we have to be too literal about it. It’s saying the spirit of that tax (ie. taxing the ultra wealthy) is how Mamdani is going about balancing the budget - while invoking a very recognizable billionaire to drive the point home. I read it more as using Taylor Swift as an example rather than insinuating her taxes, or the secondary estate tax in general, would be enough to balance the budget on their own.
Many hot takes are like this. They’re meant to capture your attention, and while they may not be literally true on their own, the good ones have a reasonable conceptual foundation.
I think that it creates a false image in people’s eyes.
For context: I’m all for taxing the rich. At the very least the should have all their methods of “avoiding” tax removed, but I honestly hope they get taxed something like 90% for their insane wealth.
At the same time I know a bit about how the world works and I have friends who work in AML, so I know that “taxing the rich” will never bring as much money as people think it would.
Back when Musk pretended to be the “cool leftist millionaire” he would sometimes boast about the taxes he paid, trying to be “the shining example” for other top 1%. He was still paying a tax rate of between 0.4% and 0.1% - thanks to his accountants being creative.
On top of that, people completely do not understand what progressive taxes mean. They think that if you have a tax level of 10% for $0-1000 and 20% for $1001-10000, then it means that if you’re earning $2000, you would pay $400 in taxes. Which is not true, you would pay (100010%)+(100020%) = $300.
But this fundamental misunderstanding makes them think that a billionaire should be paying some massive amounts of money from ALL their total net worth (which is also confusing “wealth” with “worth”, btw). Even if we somehow someday got a fair and honourable billionaire, their tax payments would feel like they’re avoiding taxes because of those misconceptions.
This meme reinforces a false reality where these taxes are significant enough to change things - they’re not and they most probably won’t be.
It’s not how he’s doing it though. The biggest items in his balancing act are the billions of dollars in state aid and regulatory exemptions he’s called in, the deferral of pensions contributions for 5 years, punting key policies down the road to 202X and an accounting quirk that saw NYC over-estimate the number of employees it would have this FY to the tune of $1.3bn in non-existent salaries. So he did bring $500m in extra taxes, and he negotiated state aid, but mostly it seems to be abot not doing things, and taking the credit for coincidences.
Careful. Hurr-durr is your voter base!
