Tax the rich

Many who oppose higher taxes on the rich maintain that in time it will filter down to the middle-income groups. An example is the current proposed estate tax by NY City mayor Mamdani. The current estate tax, some call death tax, in NY is 16% of all money over $7.5 million. The new tax will be 50% of all assets over $750,000. Many people have homes worth that much or more. The tax is not progressive like the federal estate tax but a flat 50%. This will affect about 7 million households