Posted on 11/09/2025 11:09:39 AM PST by Rummyfan
Top earners are swapping Wall Street for ‘Y’All Street’ as the Lone Star State takes on the Big Apple
When New York governor Kathy Hochul spoke at a rally for Zohran Mamdani in the final days of his New York mayoral campaign, she was drowned out by an overwhelming chant from the crowd: “Tax the rich!”
New York’s new socialist mayor-elect swept to victory this week on promises for universal free childcare, free buses and freezing rents on the city’s rent-controlled apartments.
But paying for these measures will mean tax rises. Mamdani wants to increase corporation tax from 7.5pc to 11.5pc and add 2pc to the income tax rate for those earning $1m (£760,000) or more – plans that will raise $4bn to $5bn each.
His plans have naturally sparked fear on Wall Street, the spiritual home of the millionaire class.
“Suddenly you’ll have an exodus of folks who are generating quite a bit of profit,” says investment banker Philip Blancato, chief executive of Wall Street firm Ladenburg Thalmann. “It’s already happening, this is just going to accelerate it.”
In response, Wall Street’s top earners are turning to an unlikely corner of the country to shelter from Mamdani’s tax raid: Texas.
(Excerpt) Read more at telegraph.co.uk ...
“It’s hard to remain a financial capital when you despise capitalism. Cities run by people who have never run a business or met a payroll are killing their own proverbial golden goose,” says Chris Furlow, chief executive of the Texas Bankers Association.
Anyone who voted for Mamdani should be forced to stay in NYC as long as he is mayor.
The golden goose needs to stop making loud honking noises and start taking flight to warmer climes.
The idiots screaming tax the rich have no clue the “rich” pay 90% of the taxes already.
ping
Momo thinks that the US will bail him out when the SHTF. I don’t think so. Pay for your own mistakes, Momo.
WORKS FOR ME
BULLS BELONG IN TEXAS, ANYWAY
Move the Bull to Fort Worth. He’ll fit right in.
It’s a statue of a SNAPper.
“plans that will raise $4bn to $5bn each”
No they won’t. They assume people do not react by leaving or otherwise protecting themselves.
These people chanting Tax the Rich are just plain STUOID, I hve and never will understand why they think it will better their own personal lives. But I am one of those that did NOT go to college and instead learned a skilled trade and had my my own service business. To these idiots I guess I was part of the rich for making $200k-$300 a year and having employee’s making over $100K a year. My business catered exclusively to the affluent and rich folks in SoCal. I just retired in September and sold my business to my number one guy and will enjoy my retirement on $120K a year with 3 paid for houses, multiple airplanes,boats,motorcycles cars and trucks. All these idiot deserve to STARVE TO DEATH while being homeless and living on the streets. Get off your lazy asses and go to work, Learn a skill that will support you and your family, Gender Studies is NOT the answer, HARD WORK IS.
Yep, they cry “Tax The Rich”, then find out that they are the rich.
Good luck with that, Snapanese grifters...
Too bad all these NY leftists can’t see that while Cuomo might have taken them more slowly, Mamdani is the logical result of their ideology. I would prefer they stay in NY, business, money and all. Texas have had our fill of leftist economic refugees ruining our cities.
New York’s new socialist mayor-elect swept to victory this week ... .
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He won by a little over 50%, probably due to cheating, illegals voting, and a divided slate of bad canndidates. Still reason for bankers to flee, but not reason MAGA doom and gloom.
Your Gender Studies degree ain’t gonna fix your toilet...
Most people have no frikkin clue how much the “rich” spend annually to maintain their lifestyle. Just one of my customers, and there are thousands just like him that I know, spends $$6 Million a year just to maintain and keep staffed his 3 homes, 1 in BelAir, 1 in Aspen and 1 in Malibu. You would know who he is if I gave you his name
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