Latest / Turley Talks / Ep. 3944 Mamdani in SHOCK as Tax Hikes BACKFIRE!!!

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Ep. 3944 Mamdani in SHOCK as Tax Hikes BACKFIRE!!! · Turley Talks

• 0:00
  [SPEAKER_01]: The liberal globalist order is on its brink and awakening a new conservative age.
• 0:06
  [SPEAKER_01]: On Dr. Steve Turley, join me every day as we discover answers to today's toughest challenges and explore the revitalization of conservative civilization.
• 0:18
  [SPEAKER_01]: This is Turley Talks.
• 0:21
  [SPEAKER_01]: The ultra-socialist mayor of New York City thought he could tax the rich and the rich would just sit there and take it.
• 0:31
  [SPEAKER_01]: He was wrong, dead wrong, because in the span of just two weeks, the most powerful financial players in the world, they didn't write angry letters, they didn't hold press conferences, they didn't threaten, they didn't complain, they just simply left.
• 0:49
  [SPEAKER_01]: They gave Mam Donnie the middle finger and they said, Adios, make sure to stick them in the very end of this video because we're going to see how with 60 second tax days stunt on a Manhattan sidewalk, backfired spectacularly on America's socialist mayor and how that backfire is about to get a whole lot worse.
• 1:12
  [SPEAKER_01]: Hey gang, it's me, Dr. Steve Orpater, professor celebrating yet another glorious day in the Trumpian golden age that you made possible back in November of 2024, so if you want a front rose seat on how you continue to change the world.
• 1:26
  [SPEAKER_01]: In ways you never even imagine, make sure to smack that bell and subscribe button.
• 1:30
  [SPEAKER_01]: Let's start with the latest polling coming out in New York because Mamedoni's star
• 1:35
  [SPEAKER_01]: Looks like it's very, very quickly burning out.
• 1:39
  [SPEAKER_01]: The latest polling has him down to 43% approval.
• 1:43
  [SPEAKER_01]: That's a double digit drop from when he was inaugurated.
• 1:47
  [SPEAKER_01]: It's lower than where Mara Eric Adams was at this time in his mayor's ship.
• 1:52
  [SPEAKER_01]: And there's good reason, good and ample reason for such a drop.
• 1:56
  [SPEAKER_01]: When all said and done, Mamedani is no money.
• 2:00
  [SPEAKER_01]: And if he ain't got no money, that he ain't got no way fulfilling his promise of bringing the warmth of collectivism to our nation's largest, most populous city, the city is broke.
• 2:12
  [SPEAKER_01]: He's had to admit that.
• 2:13
  [SPEAKER_01]: He's slowly but surely admitting that he's not even going to come close to fulfilling a tenth of his promises.
• 2:21
  [SPEAKER_01]: So things are not going well from M. Donnie.
• 2:23
  [SPEAKER_01]: In fact, they're going spectacularly, historically breath takingly bad.
• 2:30
  [SPEAKER_01]: And it all started with a 60 second video.
• 2:34
  [SPEAKER_00]: When I ran for mayor, I said I was going to tax the rich.
• 2:39
  [SPEAKER_00]: Well today, we're taxing it.
• 2:41
  [SPEAKER_00]: I'm thrilled to announce who secured a Pieda tear tax.
• 2:44
  [SPEAKER_00]: The first in New York history.
• 2:45
  [SPEAKER_00]: This is an annual fee on luxury properties worth $25 million.
• 2:49
  [SPEAKER_00]: Who's owners do not live full time in the city.
• 2:51
  [SPEAKER_00]: Like for this penthouse.
• 2:54
  [SPEAKER_00]: With hedge funds CEO Ken Griffin bought for $238 million.
• 2:57
  [SPEAKER_00]: This peer to tear tax is specifically designed for the richest of the rich.
• 3:01
  [SPEAKER_00]: Those restore their wealth and near city real estate, but who don't actually live.
• 3:04
  [SPEAKER_00]: But even so, they're able to reap the huge financial rewards of owning property and dare I say, the greatest city in the world.
• 3:10
  [SPEAKER_00]: And most of the time, these units are sitting empty, since again, they don't actually live here.
• 3:15
  [SPEAKER_00]: This is a fundamentally unfair system that hurts working New Yorkers.
• 3:19
  [SPEAKER_00]: Now, it's coming to an end.
• 3:20
  [SPEAKER_00]: This tax will raise at least $500 million directly for the city.
• 3:25
  [SPEAKER_00]: It'll help fund things like free childcare.
• 3:27
  [SPEAKER_00]: Cleaner streets, safer neighborhoods.
• 3:29
  [SPEAKER_00]: As mayor, I believe everyone has a role to play in contributing to our city.
• 3:33
  [SPEAKER_00]: And some, a little bit more than others, happy tax day New Yorker.
• 3:36
  [SPEAKER_01]: What a freaking psycho!
• 3:38
  [SPEAKER_01]: What if I had to talk about a smiling assassin?
• 3:41
  [SPEAKER_01]: I mean, only a Democrat could possibly find joy and delight in raising taxes on their fellow citizens.
• 3:49
  [SPEAKER_01]: But regardless, as you just heard inside that building on the 79th floor,
• 3:55
  [SPEAKER_01]: since a four-story penthouse that Ken Griffin, Billionaire CEO of Cedadel, one of the most powerful hedge funds on the planet, paid $238 million for.
• 4:06
  [SPEAKER_01]: Now, Griffin was in Florida when Mandonis little stunt went viral.
• 4:11
  [SPEAKER_01]: He didn't see the video for hours, but somewhere inside Cedadel's executive floor an email was already being drafted, and that email would end up blowing up
• 4:23
  [SPEAKER_01]: a $6 billion construction project and send a shockway through every city council, every governor's mansion, and every tax the rich mayor in the entire country.
• 4:36
  [SPEAKER_01]: April 23rd, the Wall Street Journal reports on an internal memo from Cedadel's chief operating officer Gerald Bohn sent to all of Cedadel's New York employees and the memo called Mamdonis targeting of Griffin shameful and accused the mayor of ignorance and disdain.
• 4:56
  [SPEAKER_01]: And then, buried inside the memo, lied the fate of Cedadel's massive planned skyscraper at 350 Park Avenue in Midtown.
• 5:08
  [SPEAKER_01]: That building project was now officially on ice.
• 5:14
  [SPEAKER_01]: Instead, Griffin is officially expanding his Miami headquarters and turning his back on the insanity that has taken over New York City.
• 5:25
  [SPEAKER_02]: So where does that leave us at 350 Park?
• 5:29
  [SPEAKER_02]: That leaves us with the fact that we went to Miami and revised our building plan to make it a bigger office building.
• 5:36
  [SPEAKER_02]: You're bailing?
• 5:38
  [SPEAKER_02]: So what do we do at 350 is a still point of discussion internally?
• 5:44
  [SPEAKER_02]: But what is no longer a point of discussion is that Miami is now, you know, when we moved from Chicago, there was a debate between New York and Miami.
• 5:53
  [SPEAKER_02]: It's unquestionably true that we made the right choice.
• 5:58
  [SPEAKER_02]: I'll leave it at that.
• 5:59
  [SPEAKER_02]: It's unquestionably true that we made the right choice.
• 6:02
  [SPEAKER_02]: And now, and now with the Mayor of New York has made clear to my partners, and principally my New York partners, my New York partners, is that we need to double down on our bet, Miami, because we want to be in a state,
• 6:15
  [SPEAKER_02]: that embraces that embraces business, that embraces education, that embraces personal freedom and liberty, and that embraces people having an opportunity to live the American dream.
• 6:30
  [SPEAKER_01]: In other words, the contrast between blue states and red states has never been starker.
• 6:35
  [SPEAKER_01]: and there is no imaginable, conceivable point on the planet for CEOs to occupy one square inch of real estate in the city that has a mayor, a lunatic celebrating how he's punitively taxing you.
• 6:51
  [SPEAKER_01]: And the Cdadel isn't alone, not even close.
• 6:55
  [SPEAKER_01]: Remember this is the same week that Jayme and Jamie Diamond, the CEO of the largest bank in the United States, JP Morgan Chase, published his annual shareholder letter and admitted something stunning.
• 7:07
  [SPEAKER_01]: He wrote that JP Morgan has shrunk its New York headcount from 30,000 employees a decade ago, to now just 24,000 today and meanwhile,
• 7:19
  [SPEAKER_01]: It's Texas Headcount has gone from 26,000 to 32,000.
• 7:22
  [SPEAKER_01]: That's a 6,000 job swap from New York to Texas.
• 7:30
  [SPEAKER_01]: Exact, documented, and disclosed.
• 7:33
  [SPEAKER_01]: Red states are winning, and blue states are inevitably declining, and collapsing.
• 7:39
  [SPEAKER_01]: And Diamond Inn mince words is to why?
• 7:42
  [SPEAKER_01]: You said it bluntly.
• 7:44
  [SPEAKER_01]: The financial capital of the United States is not entitled to stay the financial capital of the United States.
• 7:52
  [SPEAKER_01]: Cities like individuals, companies, and countries need to compete.
• 7:58
  [SPEAKER_01]: And right now all signs point to a rising red state, pro business economy that's leaving blue states, including New York City in the dust.
• 8:09
  [SPEAKER_01]: And keep in mind that wasn't a political speech from diamond.
• 8:14
  [SPEAKER_01]: It deals with raw, objective reality, and that raw, objective reality is that businesses are literally fleeing New York City under this idiotically ideological regime.
• 8:29
  [SPEAKER_01]: So you need to get this, the CEO, the biggest bank in America, is telling its investors not only that there's a massive business migration out of Manhattan, but that the migration will likely continue.
• 8:41
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• 8:43
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• 9:06
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• 9:14
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• 10:46
  [SPEAKER_03]: She's right, 1.6% of the wealthiest people in this city pay nearly half of the taxes.
• 10:52
  [SPEAKER_03]: If those folks leave to Anna's point, you're going to have a financial crisis, a magnitude of which Mombani does not understand.
• 11:01
  [SPEAKER_03]: You'd think about everyday things that people utilize, public transit, safety, education, all of the taxes that go to provide for all of those things for poor people in this city.
• 11:12
  [SPEAKER_03]: Wouldn't you hell are they going to do?
• 11:16
  [SPEAKER_03]: And this is a short shot.
• 11:18
  [SPEAKER_01]: I think short side of nature is very, I think it's right to have that list.
• 11:22
  [SPEAKER_01]: I think I'm just making sure right to have that debate.
• 11:24
  [SPEAKER_01]: Let me let's share my class.
• 11:26
  [SPEAKER_03]: I mean, and that's what we can do morally about the play of working class people.
• 11:29
  [SPEAKER_03]: I got not going to ignore that everybody at this table.
• 11:32
  [SPEAKER_03]: We have people in our own families that are working for sure.
• 11:34
  [SPEAKER_03]: I'm never going to dismiss that, but the short-sighted nature of the mayor to go after what I would argue success, because at some point, maybe you go after the top 1% and when you taxed to hell out of them, then you go after the group that's beneath the top 1% and at some point, everybody at this damn table will be next because of our income levels.
• 11:54
  [SPEAKER_03]: So what message does that signal to younger people, to hardworking people in New York City, across the country?
• 12:02
  [SPEAKER_01]: Should they not, I mean, should they not, I mean, should they not, I mean, should they not, I mean, I mean, this is both a psychology issue and a math issue and the two are intertwined.
• 12:23
  [SPEAKER_01]: The reciprocal, they go together.
• 12:26
  [SPEAKER_01]: Less than 1% of New York City's tax filers pay roughly 37% of the city's entire income tax revenue.
• 12:36
  [SPEAKER_01]: Let that hit you!
• 12:37
  [SPEAKER_01]: less than 1% are funding more than a third of the ledger.
• 12:43
  [SPEAKER_01]: That's not a tax space.
• 12:45
  [SPEAKER_01]: That's a margin call waiting to happen.
• 12:47
  [SPEAKER_01]: And Mamedoni inherited a $5.4 billion budget gap that sources of the city council say is already close to six billion.
• 12:56
  [SPEAKER_01]: And the citizens' budget commission projects, it will hit 10 billion within two years.
• 13:02
  [SPEAKER_01]: his brand new tax that he was so giddy about in that video admittedly generated only $500 million.
• 13:09
  [SPEAKER_01]: That's it.
• 13:10
  [SPEAKER_01]: That's nothing.
• 13:11
  [SPEAKER_01]: That's a drop in the bucket of New York City's financial war.
• 13:14
  [SPEAKER_01]: It's 9% of the current budget deficit.
• 13:18
  [SPEAKER_01]: 9% mean while Ken Griffin's firm alone paid $2.3 billion in
• 13:28
  [SPEAKER_01]: That's one tax filer, one filer out of that less than one percent is covering nearly six times the equivalent of Mamdoni's entire trophy tax.
• 13:40
  [SPEAKER_01]: And that's before you even count as 350 million in charitable giving to New York institutions.
• 13:47
  [SPEAKER_01]: This is who Mamdoni is playing chicken with here.
• 13:51
  [SPEAKER_01]: And the kicker here is that it's not just Miami eating New York's lunch, it's Texas.
• 13:57
  [SPEAKER_01]: It's Florida's, it's Tennessee, it's Florida's a whole Wells Fargo moved its wealth and investment management division to West Palm Beach.
• 14:04
  [SPEAKER_01]: It's opened a major campus in Dallas, a polo global management with nearly a trillion dollars and assets.
• 14:12
  [SPEAKER_01]: It's ironed Texas or South Florida for its second headquarters.
• 14:15
  [SPEAKER_01]: JP Morgan now employs more people in Texas than in New York, the largest bank in the United States has made Texas its operational center while leaving its symbolic headquarters on Park Avenue as essentially a very expensive flag planted on a company that has already moved 1,700 miles southwest.
• 14:38
  [SPEAKER_01]: And here's the number that should have, it should have been in every
• 14:43
  [SPEAKER_01]: If New York State's share of U.S. millionaires had simply remained at 2010 levels, okay?
• 14:52
  [SPEAKER_01]: If New York State's share of U.S. millionaires had simply remained at the same levels they were at 16 years ago, the city would be collecting $2 billion more in personal income tax revenue
• 15:13
  [SPEAKER_01]: because all those millionaires are gone.
• 15:17
  [SPEAKER_01]: Not because of Republicans, not because of Trump, but because of exactly this kind of tax and target style of governing that the socialist nut rebels in.
• 15:31
  [SPEAKER_01]: but eventually, as his polls are already showing, Mamdawny is going to have to give an account to New Yorkers for how many of his multi-billion dollar promises he kept.
• 15:41
  [SPEAKER_01]: When the billions that would pay for them have already left the city.
• 15:45
  [SPEAKER_01]: In the end, this is what happens when you run a city as a class warfare exercise instead of an actual government.
• 15:54
  [SPEAKER_01]: You scare off the golden geese.
• 15:56
  [SPEAKER_01]: You drive out the 6,000 employee jobs, swaps.
• 16:00
  [SPEAKER_01]: You torch the $6 billion dollars before the demolition crews ever show up.
• 16:06
  [SPEAKER_01]: And then you stand on a sidewalk with a camera crew pointing at empty penthouses of people who already left.
• 16:15
  [SPEAKER_01]: The market has spoken gang.
• 16:18
  [SPEAKER_01]: The ledger has been reprised.
• 16:20
  [SPEAKER_01]: And Mamdoni is only just now figuring out that the people he's been targeting didn't just vote with their feet.
• 16:28
  [SPEAKER_01]: They voted with their buildings.
• 16:31
  [SPEAKER_01]: And that sign Miami is open for business is the four word verdict on everything.
• 16:40
  [SPEAKER_01]: Mamdoni promised New York would be.
• 16:44
  [SPEAKER_01]: Thanks so much for listening to this episode of The Turley Talks Podcast.
• 16:48
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• 16:53
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• 17:00
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