As soon as Zohran Mamdani declared victory in the Democratic mayoral primary in New York City, billionaires began to sound the alarm, suggesting his policies would drive out wealthy residents. But is that true?

To fund ideas such as free buses and childcare, Mamdani has proposed adding a 2% tax on New Yorkers earning more than $1 million per year, which his campaign suggests would raise $4 billion annually.

He’s not the first to pitch a “millionaire tax,” and in states that have enacted it, the rich aren’t fleeing: Two years after Massachusetts voters approved a 4% tax on personal income over $1 million, the number of millionaires in the state has actually increased. Still, Mamdani’s biggest hurdle may be convincing decision-makers in Albany, who would have to sign off on an income tax increase.

Senator Thom Tillis, R-N.C., talks with reporters in the Dirksen Senate building on Wednesday, June 18, 2025.

Senate Republicans narrowly voted to push President Donald Trump’s One Big Beautiful Bill Act forward for what’s expected to be a chaotic “vote-a-rama” on the Senate floor Monday, where unlimited amendments could be introduced before a final vote. Senator Thom Tillis (R-N.C.) broke with the GOP in opposing the bill over Medicaid cuts, before announcing he would not seek re-election in 2026.

After delaying enforcement three times, Trump said a “group of very wealthy people” was lined up to purchase TikTok, which was banned by a law passed in 2024. Trump told Fox News host Maria Bartiromo on Sunday he would need China’s approval, and “President Xi will probably do it,” without disclosing more detail on the buyer.

President Donald Trump indicated Friday he could extend, or more likely shorten, the 90-day deadline he set for tariff negotiations after pausing his “Liberation Day” tariffs, which were set to go back into effect July 9. The president has promised to make “90 deals in........

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