Earlier this week, New York's mayor, Zoran Mamdani, released this video where he is standing right on top of City Hall and taking what amounts to a victory lap.

New York, it's executive budget season. I'm proud to announce that our city's budget is fully balanced.

He rattles off a bunch of numbers, as if balancing the city's budget was as simple as racking up a high score in a video game.

And then he gets to his signature achievement, taxing the rich.

Thanks to Governor Hokel, State Senate Majority Leader Andrea Stewart Cousins, Assembly Speaker Carl Hasty, and months of organizing from New Yorkers, we tax the rich.

That tax alone will raise half a billion dollars per year.

And that's not all.

Thanks to Governor Hokel and our partners only

What Mamdani is not saying here is that his new tax is nowhere close to what he campaigned on.

He wanted to raise income taxes on millionaires. This tax is a lot more limited. It's a higher

property tax for people with second homes, sometimes known as

Pietitaires. And it only applies to places that are worth five million bucks or more. Of course,

this has not stopped very wealthy from getting mad about this tax. And in circumstances like this,

I call up my friend Stephanie Rule. So I wanted to call you up.

Because you wanted to hang out and talk. Steph's got her own show at MS Now, where she's also a senior

business analyst. She used to work in finance. She knows a few rich New Yorkers. And she knows how they are feeling right now.

They are very upset.

And I'm not defending it.

I'm not complimenting it.

They are very upset.

Steph was actually just at this conference in Beverly Hills for the Milken Institute.

It's the kind of place where rich folks talk to rich folks and try to get richer.

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