New York City mayoral frontrunner Zohran Mamdani forcefully defended his call for a $30 minimum wage during the final debate of the race Wednesday night, warning that under the status quo, the expensive metropolis is at growing risk of becoming “a museum of where working-class people used to be able to live.”
The inability of many New Yorkers to make a livable wage in the city, Mamdani said, “is pushing them to live in Jersey City, to live in Pennsylvania, to live in Connecticut, because they can’t afford to live in New York City.”
Under Mamdani’s proposal, which would have to be approved by lawmakers, New York City’s wage floor would rise incrementally before reaching $30 an hour by 2030. The minimum wage would then be tied to either cost-of-living increases or worker productivity jumps.
The late 1970s was when the top tier tax rate fell below punitive levels. Unlike in the 1950s and 1960s (91% top-tier tax rate), there was more benefit to accepting the tax than spending the excess revenue on deductible expenses.
The tax policy used to drive the rich to spend their money rather than hoard it.