Zohran Mamdani Joins Economists to Challenge US Tax System

In a recent op-ed, the trio highlighted a stark global imbalance where 0.0001% of the population holds 16% of global wealth. They contend that America’s regressive tax structure has evolved to favor the elite, noting that the 400 richest Americans now pay roughly 24% of their income in taxes, down from nearly 50% in 1960. This shift, compounded by recent legislative changes, has left the middle class struggling with rising costs for healthcare, housing, and food.

While federal policies have faltered in addressing this disparity, local and international efforts are gaining traction. Mamdani is advocating for municipal revenue measures in New York City, including a proposed surcharge on luxury second homes. Simultaneously, global leaders—including Brazil’s Luiz Inácio Lula da Silva and Spain’s Pedro Sánchez—are exploring wealth-based taxation models. Despite intense corporate lobbying, public support for such reforms remains high, with over 60% of Americans telling pollsters that billionaires currently pay too little in taxes.