When New York governor Kathy Hochul spoke at a rally for Zohran Mamdani in the final days of his New York mayoral campaign, she was drowned out by an overwhelming chant from the crowd: “Tax the rich!”

New York’s new socialist mayor-elect swept to victory this week on promises for universal free childcare, free buses and freezing rents on the city’s rent-controlled apartments.

But paying for these measures will mean tax rises. Mamdani wants to increase corporation tax from 7.5 per cent to 11.5 per cent and add 2 per cent to the income tax rate for those earning $US1 million ($1.5 million) or more – plans that will raise $US4 billion to $US5 billion each.

His plans have naturally sparked fear on Wall Street, the spiritual home of the millionaire class.

“Suddenly you’ll have an exodus of

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