Here's your Forbes daily briefing for Monday, November 10th.

Today on Forbes, will Mamdani's proposed millionaire tax save or sink New York City?

What would be the real result of a new millionaire tax in New York City, the kind that

mayor-elect Zohran Mamdani wants to impose? In June, after Mamdani, a self-described Democratic socialist, won the Democratic primary,

billionaire Bill Ackman, founder and CEO of Pershing Square Capital Management,

suggested the answer is that wealthy taxpayers will flee.

But Ackman had a more conciliatory tone following Mamdani's landslide

win in the general election on Tuesday. After Mamdani received more than 50% of the vote in the general

election, beating New York Governor Andrew Cuomo, with his long list of billionaire backers

by nearly nine percentage points, Akman offered his congratulations on X, adding, quote,

Now you have a big responsibility.

If I can help NYC, just let me know what I can do.

But then, just days later, the volatile Ackman shifted his tone yet again,

retweeting as, quote, an accurate prognosis,

a post predicting that the rich will flee.

So let's take a closer look at Mamdani's millionaire tax plan.

What is generally agreed upon is that funding Mamdani's agenda will take money,

and Mamdani has a plan to raise revenues without tapping the middle class.

In addition to bumping up the corporate tax,

Mamdani has proposed a 2% tax on what his campaign calls, quote, the wealthiest 1% of New Yorkers, those earning above $1 million annually.

His platform estimates this so-called millionaire tax will raise $4 billion annually

to help fund projects like universal free early child care,

...