Memo to Kathy Hochul and Gavin Newsom: Why taxing the rich makes enormous sense

And why you shouldn’t worry about the wealthy abandoning your states

Friends,

Yesterday, New York City’s new mayor, Zohran Mamdani, proposed raising property taxes in the city by nearly 10 percent — if he can’t persuade New York Governor Kathy Hochul to raise income taxes on the wealthy. She’s been reluctant.

In California, meanwhile, Google co-founder Sergey Brin along with former Google CEO Eric Schmidt and other billio…