John,
Billionaires tried to buy Gracie Mansion. They failed in dramatic fashion as Zohran Mamdani secured a decisive victory that shattered the billionaire playbook and proved organized people can beat organized money.
Our research showed that just 62 billionaires and their heirs poured a staggering $18.7 million into the New York City mayoral race in a desperate attempt to stop Zohran Mamdani’s bold plan to make the wealthy and corporations pay their fair share.[1]
Mamdani’s platform was simple but transformative: raise city taxes on incomes over $1 million and boost corporate tax rates by 2.65 percentage points. The result will be $9 billion in new annual revenue to fund affordable housing, fare-free buses, and free childcare. In other words: a tax plan that finally asks billionaires and giant corporations to pay their fair share and uses the resulting revenue to invest in working people.
That’s why billionaires panicked. They unleashed millions through super PACs to prop up Andrew Cuomo’s independent run. Michael Bloomberg alone dumped $8.3 million into the race, trying to protect his billionaire friends’ bottom line and his own. But it wasn’t enough. Mamdani’s victory proved that when voters see through billionaire fearmongering, fairness wins.
As I said during the campaign, “Billionaires feel threatened by a modest proposal to raise taxes on the wealthiest New Yorkers to help make life more affordable for ordinary city residents.” They should.
Now, we need to make sure that the billionaires' defeat in New York City isn’t their last. Our research is critical to holding billionaires accountable and ensuring a democracy of, by, and for the people.
Chip in now to power our campaign for tax fairness, to expand our research, expose billionaire influence, and push cities and states across America to follow New York City’s lead.
Mamdani’s win is proof of concept. When we show how progressive tax reform funds real priorities for working people, we win hearts, votes, and futures.
But make no mistake, the billionaire class won’t go down quietly. Their goal is to make sure Mamdani’s success doesn’t spread.
That’s why our research matters more than ever. Our team is tracking billionaire money, exposing corporate tax evasion, and producing reports that shine a light on how a handful of the ultra-rich try to subvert democracy to protect their wallets.
When the data is this clear, the story writes itself: a few hundred billionaires can spend millions to buy influence, but millions of voters can still defeat them. That’s why this movement is about building a fairer tax system and a stronger democracy, together.
Join us today; help power our campaign to keep fighting billionaire influence and advancing fair taxes that work for everyone.
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Together, we can show that when billionaires lose their grip on government, working people win.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] BILLIONAIRES BUYING GRACIE MANSION
[2] Billionaires Spend Big to Tank Mamdani, Who Vows to ‘Tax the Rich’ in NYC
