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House Democrat: Mamdani’s proposed wealth taxes ‘not going to work’

Rep. Jared Moskowitz (D-Fla.) seemed skeptical Wednesday about the potential effectiveness of New York City Mayor Zohran Mamdani’s (D) proposed wealth tax, suggesting it may drive more people to flee south rather than pay.

“I think that if Mamdani’s law were to go forward and he would increase taxes … you’ll see more people move here,” Moskowitz told Fox Business host Maria Bartiromo on “Mornings with Maria.”

“These targeted wealth taxes that we see, right, from states, whether it’s California, New York, the wealthy can just leave, right? So these are not going to work,” he added.

Mamdani, who campaigned on an affordability platform, has been raising alarms about the financial strain on New York City, placing much of the blame on former Mayor Eric Adams’s (D) administration.

The mayor said his administration had identified a “pattern of underbudgeted essential services,” ranging from rental assistance to special education, that widened projected fiscal gaps over the next two years.

He floated the idea this week of raising property taxes by 9.5 percent as a possible path to close a $5.4 billion budget gap if the state fails to impose a 2 percent income tax hike on New York’s wealthiest residents and corporations.

“We do not want to have to turn to such drastic measures to balance our budget. But, faced with no other choice, we will be forced to,” Mamdani said in a statement outlining his preliminary budget proposal for fiscal 2027.

Arguments against wealth taxes typically center on the notion that they are hard to enforce, are largely inefficient at raising revenue and risk driving money and assets out of the area, according to the Cato Institute.

“Wealth taxes promise redistribution but more often deliver high economic costs, administrative complexity, and disappointing revenue,” Adam Michel, the institute’s director of tax policy studies, wrote in a blog post last month.

Bartiromo pressed Moskowitz on whether he expected to see an “exodus” of New Yorkers to Florida, to which the lawmaker replied: “That’s already happening.”

Florida saw the largest influx of people moving to the state from other states in 2024, gaining roughly 574,000 new residents, according to U.S. Census data. That same year, more than 415,000 people left New York and moved elsewhere.

“I think the exodus is still going on. I think it will continue,” Moskowitz said.

Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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