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The Socialist Experiment
🕑 Added 2025-11-12 16:10:00 +0000 UTCNew York City’s new socialist tax experiment is set to end badly. Mayor Zohran Mamdani’s plan to fund free services by heavily taxing the rich will likely drive out the very people who pay most of the city’s taxes. Also, the corporations. And no net new companies will head to NYC. History shows this pattern: when taxes get too high, wealth and talent leave—just like they did in Britain, Sweden, and more recently, California.
I've seen this firsthand in California, where the state's progressive tax system, with top rates over 13% on top of Federal, has driven a net outflow of over 300,000 hi networth residents since Covid, including high earners taking $25 billion in taxable income with them in 2022 alone - that is 100's of Billions of Revenue gone in 5 years.
Money gives you wings!
As millionaires flee, NYC’s tax base will shrink, revenues will fall, and services will crumble. The result will be fewer jobs, more deficits, and a downward spiral—a painful reminder that punishing success always backfires. It is also a good thing we can witness this experiment as a warning to future leaders - but all they have to do is open up a book to know the end result.
In this instance.... HISTORY REPEATS - guaranteed.
Comments
Grant
Trust. The only model that works. If you do t trust your government and fellow man then you’re in for a bad time. I live in Northern Europe where we can buy eggs, fruit, vegetables, jam, etc by the roadside where you leave money in an ‘honesty-box’ for the vendor. Can you do the same where you live?
Last chance
I'm also in the Netherlands but come from the UK, which arguably has a more US psychology, in addition from looking at history this is inaccurate. Some of the highest tax times in the USA and the UK have precipitated strong economic and social growth. Growing up in a UK bubble I'm always surprised with the investment the Netherlands gives to it's citizens, it seems to enable growth and allows the talents of the person at all levels, weather that is to be the best painter, plumber, shop owner, social worker etc. How that profession is culturally respected and you can have a full / financially secure life. This system seems to be based on collaboration ( the pillar system). To suggest the rich will all leave and not to consider them also an agent in a community is a shame. The idea is to give people who have little more opportunity. That seems like a desirable outcome and I think should have our support.
Daniel Belmer
I think some share of wealth only benefits for everyone on the End of the Day. I do live in The Netherlands.... probably very communistic country Republics point of view, We do have healthcare for everyone, 30% of houses are for low income and still we do have one of the lowest Debt as a country.
