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SUMMARY
Outraged at the prospect of the rich and corporations paying higher taxes, billionaire spenders are pouring tens of millions of dollars into this year’s New York City mayoral contest to try to stop a front runner with a progressive tax-reform agenda. According to an analysis by Americans for Tax Fairness, just 62 billionaires and descendants of billionaire families (“billionaire spenders”) as of October 14th have contributed over one-third–37%, or $18.7 million–of all the donations collected by so-called outside expenditure groups involved in the race.
Almost all of that money has backed former New York state governor Andrew Cuomo, the closest challenger to state assemblyman Zohran Mamdani, who has proposed higher city taxes on individual incomes over a million dollars and on corporations. Former mayor and media mogul Michael Bloomberg is leading the billionaire charge, having personally contributed $8.3 million to the main political action committee trying to block Mamdani from taking up the mayoral residence in Gracie Mansion.
KEY FINDINGS
- Just 62 billionaires and individuals descended from billionaire families (“billionaire spenders”) have supplied over one-third (37%, or $18.7 million) of all the outside spending on the New York City mayor’s race as of October 14th.
- Almost all the billionaire cash is backing independent candidate Andrew Cuomo (98%), with 58 of the 62 billionaire spenders giving a total of $18.4 million to Cuomo-aligned super political action committees (super PACs). Democratic hopeful Zohran Mamdani has received the support of just two billionaire spenders, who together have contributed $270,000 to outside PACs pushing his candidacy.
- These few dozen billionaires have spent nearly twice the amount 60,000 individual contributors have made directly to the three general election candidates (including Republican Curtis Sliwa). This is because unlike direct donations to candidates, there is no limit on contributions to outside spending groups.
- Former mayor and media mogul Michael Bloomberg is leading the anti-Mamdani charge, having personally donated $8.3 million to the main super PAC backing Cuomo in the hopes of stopping Mamdani.
- As of October 1st, New York City is the primary residence to 111 billionaires, according to Forbes, with lots more owning second homes or business property in the Big Apple. Collectively these 111 billionaires are worth $717 billion, over six times the city’s annual budget.
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