Mamdani Proposes ‘White Homes’ Estate Tax; California Pushes Billionaire Tax

New York Mayor Zohran Mamdani is attempting to increase the estate tax “by lowering the exemption to $750,000 from its current value of $7.1 million” and massively raising the “top rate from 16% to 50%,” proclaiming his own apartheid.

$750,000 is the average price of a home in New York City. So Mamdani wants the white middle class to lose their homes apparently, “for the collective good.”

Making “the warmth of collectivism” sexy again…

As Daniel Greenfield reported at Frontpage Mag:

Zohran Mamdani campaigned on a promise to ‘shift the tax burden’ from overtaxed homeowners in the outer boroughs to more expensive homes in richer and whiter neighborhoods. “His tenant official Cea Weaver tweeted that she wanted to  “impoverish the *white* middle class” because “homeownership is racist”, declared that “private property is a weapon of white supremacy” and warned that, “we’ll transition from treating property as an individual good to a collective good. Whites especially will be impacted.

Just wait until California leftists hear about this. They’ll be mad they didn’t think of it first, and then certain mayors in certain cities will get right to work on it… however, it won’t end well.

Greenfield continues:

The numbers are actually worse than 50% because within New York City, as many as 90% of homes will be hit with Mamdani’s confiscatory tax, as many as 60% of homes in Brooklyn and Queens, but fewer than a quarter in other boroughs. This matches Mamdani’s campaign promise to shift the tax burden towards white homeowners in inner boroughs.

But the real issue for the racially obsessed Mamdani administration is always race. And the estate tax proposal is specifically geared to target and seize the homes of white homeowners.

California Democrat lawmakers have proposed wealth taxes many times, and thus far they haven’t succeeded, so they instead embrace incrementalism and tax citizens on utilities, sales, services, property, and anything else not nailed down.

Democrats and the SEIU are pushing a retroactive billionaire tax targeting the roughly 220 billionaires residing in California in 2025, ignoring that these individuals are the most financially mobile and can live anywhere. And it’s not just a tax, it is asset seizure targeting billionaire’s “unrealized assets.” Expecting them to remain in the state as if they will happily and willingly hand over even more of their wealth surely must be facetious, the Globe reported.

California billionaires are already leaving the state in record numbers, and taking their billions with them. According to one billionaire, more than $1 Trillion has already left.

In 2020, the Globe reported “Commit To Equity,” a foolish organization created by labor unions and social justice groups, demanded hefty taxes on the California’s wealthy. They developed a three part strategy for raising revenue:

• Wealth tax on billionaires: 0.4% on California residents that have a worldwide wealth of more than $30 million, or $15 million for those married filing separately
• Wealth tax on millionaires: an additional 1% tax on income over $1 million, 3% on income over $3 million and 3.5% on income over $5 million.
• Unrealized Capital Gains Tax: capital gains tax could be applied to the value of securities portfolios owned by the ultra wealthy.

Taxing unrealized capital gains on the “value of securities” is rich: if an asset is projected to make money but you don’t cash in on that profit, it’s an unrealized gain. But unrealized assets aren’t always profitable. This could really impact not just the portfolios owned by the wealthy, but also the pension plans of many government employees.

And they wanted it immediately: “We are asking you to call for a public hearing on these revenue proposals and pass new revenue this year.”

“New revenue” they called it. “Unrealized assets” they call it.

And if anyone thinks the billionaire tax will be a one-time tax, or it will only be billionaires who are taxed, I have a bridge to sell you.

California’s median home price is anywhere between $800,000 and $900,000, depending on who you ask. Taxing 50% of California’s homeowners must give Democrats the chills.

If the billionaire tax fails to qualify for the ballot, expect leftists to pivot to a 50% wealth tax proposal – again? They never stop trying to take what you have earned. Next time it might be with the caveat “white-only” stock portfolios or homes.

“Targeting white homeowners with a massive estate tax will help ensure that they will be unable to pass on their homes to their children,” Greenfield says. “The more homes the Mamdani government can seize and then ‘socialize’, the closer it will come to, as a Mamdani housing official said, turning homes into “a collective good” in which “whites especially will be impacted.” That’s systemic racism.”

Read his entire article, and then help make sure the billionaire tax does not qualify in California.