Billionaires shouldn't exist: Zohran Mamdani vows to tax New York's top 1%

Zohran Mamdani vs billionaires: President Donald Trump threatens to cut federal funding to New York City if Mamdani is elected

Zohran Mamdani, the presumptive Democratic nominee for mayor of New York City, has made headlines after declaring in a nationally televised interview that he does not believe billionaires should exist, citing soaring income inequality as a key issue.

 

Speaking on NBC’s Meet the Press on Sunday evening, Mamdani, a self-identified democratic socialist, was asked directly whether billionaires have a right to exist. “I don’t think that we should have billionaires because, frankly, it is so much money in a moment of such inequality,” he replied. “Ultimately, what we need more of is equality across our city and across our state and across our country.”

 

 

However, Mamdani mentioned that he is not opposed to dialogue and cooperation. “I look forward to working with everyone, including billionaires, to make a city that is fair for all of them.”

 

Mamdani pledges more tax for top NY earners

Central to Mamdani’s campaign has been his pledge to increase taxes on the top 1 per cent of earners in New York City. He explained that he aims to use the revenue to improve the overall quality of life, including for those who would be subject to the higher taxes.

 

The proposal set forth by Mamdani adds an additional 2 per cent tax on individuals whose annual income surpasses $1 million. This proposal, he said, has resonated strongly with voters and was a driving force behind his primary victory. Meanwhile, Forbes has estimated Mamdani's own net worth to be around $200,000.

 

 

Raising minimum wage, better regulations

In addition to tax reforms, Mamdani has campaigned to raise the minimum wage to $30 an hour by 2030 and regulate food delivery platforms, which he argues have subjected workers to increasingly unsafe conditions.

 

Billionaires vs Zohran Mamdani

Mamdani described delivery workers as holding “the most dangerous job in NYC”, pledging stronger protections and oversight. His position triggered pushback from Doordash, a food delivery platform in the US, which reportedly spent $1 million supporting former Governor Andrew Cuomo in an unsuccessful attempt to block Mamdani’s rise.

 

Billionaire hedge fund manager Bill Ackman also criticised Mamdani’s stance, who also pledged to finance a rival candidate in the general election. Ackman, a vocal Trump supporter, said, “Mamdani’s policies would be disastrous for NYC. Socialism has no place in the economic capital of our country.”

 

I awoke this morning gravely concerned about New York City. I thought “What has NYC become that an avowed socialist who has supported defunding the police, whose solution to lowering food prices is city-owned supermarkets, who doesn’t understand that freezing rents will only…

— Bill Ackman (@BillAckman) June 26, 2025

Rapper and entrepreneur 50 Cent, reportedly close to billionaire status himself, also took aim at Mamdani after being mentioned by name in a recent radio interview. The entertainer offered to pay over $250,000 for a “first-class, one-way ticket” to send Mamdani out of the city in a post that is no longer available on his Instagram.

 

Trump threatens to cut NY funds if Mamdani is elected

US President Donald Trump, during a Fox News interview last week warned that federal funding to New York City could be withheld if Mamdani assumes office and does not “do the right thing.” Trump said, “If he does get in, I’m going to be president, and he’s going to have to do the right thing or they’re not getting any money.” Following Mamdani’s primary win, the US president had gone on his social media platform to call the candidate a “communist” and “lunatic”.

 

Responding to the president’s comments and accusations that he is a “communist”, Mamdani stated plainly, “I am not.” He added that has already begun preparing himself to face scrutiny from Trump based on his appearance and background.

 

“What we’ve seen is that this is a city that needs to be affordable for the people who build it every day,” Mamdani said.