The Importance of Millionaires in Funding New York City Services

Friday, 29 August 2025, 02:34

Millionaires are crucial to New York's economy, argues the Citizens Budget Commission. Their impact on funding essential services is undeniable, emphasizing the need for retention. The CBC stresses that increasing millionaires is vital for fiscal health.

Thehill — The Importance of Millionaires in Funding New York City Services

The Role of Millionaires in New York’s Economy

The Citizens Budget Commission (CBC), a nonpartisan think tank, emphasizes that millionaires are critical to the funding of essential services in New York City. According to their recent report, "Millionaires are critical to New York’s tax base. In 2012, they comprised less than 1 percent of New York State’s and New York City’s resident filers, yet paid 44 percent and 40 percent of State and City’s personal income taxes, respectively."

The Unseen Costs of Not Retaining Millionaires

The CBC highlights that New York’s millionaires play a pivotal role in ensuring the fiscal and economic viability of the city.
Not attracting or retaining them carries an unseen cost that could adversely affect public services.

Political Context and Future Implications

This report arises during a dynamic political period, particularly with the emergence of Democratic mayoral candidate Zohran Mamdani. His critiques of capitalism and views on wealth redistribution raise questions about the future landscape of New York's economic policies.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.