Mayor Mamdani's 'Tax the Rich' Plan Sparks Controversy
New York City Mayor Zohran Mamdani's proposal to tax the city's ultra-wealthy residents to address a $5.4 billion budget shortfall is facing strong opposition from the very group it targets. During a Vornado Realty Trust earnings call on Tuesday, CEO Steven Roth compared the phrase 'tax the rich' to a racial slur, sparking widespread debate.
Roth told investors, 'I must say that I consider the phrase 'tax the rich,' when spit out with anger and contempt by politicians both here and across the country to be just as hateful as some disgusting racial slurs — and even the phrase 'from the river to the sea.'' The latter phrase is a pro-Palestinian slogan often used in protests.
Roth, whose net worth was estimated by Forbes at over $1.1 billion in 2019, is a longtime friend and business partner of Donald Trump, according to the Wall Street Journal. His comments came in defense of Citadel CEO Ken Griffin, worth over $48 billion, after Mamdani filmed a video outside Griffin's $238 million penthouse proposing a new tax on high-value second homes.
In the video, Mamdani says, 'When I ran for mayor, I said I was going to tax the rich. Today, we're taxing the rich.' The video was posted on Tax Day 2026, accompanied by the caption: 'Happy Tax Day, New York. We're taxing the rich.'
Roth urged Mamdani to address the budget shortfall 'by managing rather than by taxing.' He praised Griffin as 'the best of the best' and defended the ultra-wealthy, stating, 'What these politicians seem to be saying is that the rich are evil or the enemy or the targets or maybe even just suckers. They are at the top of the Great American economic pyramid for a reason. They should be praised and thanked.'
