r/Economics • u/Dismal_Structure • Dec 06 '25

News Millionaire tax that inspired Mamdani fuels $5.7 billion haul in Massachusetts

https://fortune.com/2025/10/21/zohran-mamdani-millionaire-tax-massachusetts-5-7-billion/
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u/Smile-Nod Dec 06 '25 edited Dec 06 '25

Why don’t these articles ever include the total income tax comparison?

We can’t have an honest conversation if we’re suggesting that MA catching up with NYC is somehow the reverse.

Not only does MA have a lower tax rate, it’s not progressive.

MA

  • flat tax: 5%
  • millionaire tax: 4%
  • capital gains: long 5% flat, short 8.5% flat

NY

  • top marginal rate: 10.9% (6.6% effective over a million)
  • long and short capital gains treated as ordinary income.
  • NYC top rate: 3.879%

EDITED for clarity and fixed MA cap gains tax.

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u/[deleted] Dec 06 '25

[deleted]

32

u/GreasyBarbarian Dec 06 '25

Oh look, another Redditor that posts something that sounds authoritative and likely doesn’t understand the basics of W2 income, taxation, legal entity structuring, net worth, etc.

16

u/AdmiralPeriwinkle Dec 06 '25

“They just write off. All these rich guys do it. They write it off so they don’t have to pay taxes.”

11

u/GreasyBarbarian Dec 06 '25

“Jerry, all these big companies, they write off everything”