There's outrage among the 1%, as New York's Mayor Zohran Mamdani has made good on his promises to tax the rich. Mamdani is pushing through a luxury home tax that will tackle the city's non-residents who call it their second home.
That could be something of a problem for President Donald Trump, especially as he's made a big deal about how proud he is of his multi-million dollar penthouse in Trump Tower. Considering the POTUS is said to have ownership stakes or unsold units in the likes of Trump Park Avenue (502 Park Avenue), Trump Parc (106 Central Park South), and Trump Parc East (100 Central Park South), a pretty big bill could soon be landing on the Resolute desk. Unfortunately, being President of the United States won't get you out of paying this one.
While the president has been savvy with his taxes thanks to declaring his Florida-based Mar-a-Lago as his main residence, he's managed to avoid New York's hefty state income tax. Although it's possible he could 'flip' Trump Tower back to being his primary residence, this would again make him liable for New York City and State income taxes, undoubtedly hitting him with an even bigger bill.
Advert
Mamdani is joined by New York Gov. Kathy Hochul, championing the 'pied-à-terre' tax that would target second homes worth more than $5 million in New York City and add a surcharge that will supposedly raise an additional $500 million every year. Promoting the bill, Hochul said: "If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker."
This is part of Mamdani's hopes to reduce the city's budget deficit, which is said to hit $5.4 billion in the next fiscal year. Also backing his idea to tax the likes of Trump and Jeff Bezos, Mamdani told reporters: "We’re talking about the levels of wealth that are storing themselves here in New York City all at the time at which our city is facing a generational fiscal crisis, so I think that this is something worthy of celebration as part of the work that we are doing with the governor."
As you can imagine, President Trump isn't happy with Mamdani's plans, taking to Truth Social while accusing the mayor of 'destroying' New York.
At a time when some are calling for Section 4 of the 25th Amendment to be invoked due to the POTUS' social media rants, claims that residents are 'fleeing' New York because of Mamdani are sure to only grab more headlines. In his post, Trump raged: "Sadly, Mayor Mamdani is DESTROYING New York! It has no chance! The United States of America should not contribute to its failure.
“It will only get WORSE. The TAX, TAX, TAX Policies are SO WRONG. People are fleeing. They must change their ways, AND FAST. History has proven, THIS ‘STUFF’ JUST DOESN’T WORK."
Trump doubled down on his views at a Tax Day event in Las Vegas. Again calling out Mamdani, the Commander-in-Chief said that Republicans need to win the midterms or his supporters face losing policies. First talking about 'blue states' and the appointment of Abigail Spanberger in Virginia while saying "she's gone crazy," he then turned his attention to New York.
Although Trump was booed for calling Mamdani a 'nice guy', he continued: "His policies are no good, he's chasing people out and causing a lot of harm to everybody. I mean, everybody's taxes are going through the roof."
Still, with Mamdani's campaign focusing on affordability, universal childcare, rent protections, and more public housing, taxing Trump and co. on their second homes is one way to put a few more dollars in the purse.