The phrase “tax the rich” can be “just as hateful as some disgusting racial slurs”, according to the New York City billionaire Steve Roth, who said that the top 1% should be “praised and thanked”.
Speaking on his company’s quarterly earnings call on Tuesday, Roth, the CEO of Vornado Realty Trust, expressed his support for fellow billionaire and the CEO of Citadel, Ken Griffin, who was singled out in the 15 April announcement by New York’s mayor, Zohran Mamdani, of the state’s first “pied-à-terre” tax on second homes valued at more than $5m. In a video, Mamdani announced the policy in front of Griffin’s penthouse, which he said was purchased for $238m.
“We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” Roth said. “This was both irresponsible and dangerous.”
Roth said that Vornado followed the rules and paid its fair share in taxes, which amounts to $560m in real estate taxes this year, and he was “very proud of our lifetime of achievement”.
“I must say that I consider the phrase ‘tax the rich’ – quote tax the rich – spit out with anger and contempt by politicians both here and across the country, to be just as hateful as some disgusting racial slurs, and even the phrase from the ‘river to the sea’,” he said, referring to the controversial pro-Palestinian slogan.
“But the rich whom the politicians are targeting, starting with nothing, are the epitome of the American dream,” he continued. “They are our largest employers and largest philanthropists, and it is the 1% that makes 50% of New York’s income taxes. They are at the top of the great American economic pyramid for a reason. They should be praised and thanked.”
Mamdani’s press secretary, Joe Calvello, said in a statement that the mayor wanted all New Yorkers to succeed, including “business owners and entrepreneurs who create good-paying jobs and make this city the economic engine of America”, and Griffin, “a major employer in our city and a powerful figure in our economy”.
“That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink,” he said. “The status quo is unsustainable and unjust. If we want this city to become a place that working people can afford, we need meaningful tax reform that includes the wealthiest New Yorkers contributing their fair share.”
Roth, who has supported Donald Trump since 2016 and donated $150,000 to Andrew Cuomo’s campaign, suggested drafting Griffin to lead an effort to “elect right-minded candidates”. But he also conceded that Mamdani was “young, smart and energetic”, and said that he was pulling for him to succeed.
“With a little tweak here, a little tweak there, his leadership could make this great city even greater,” he said. “He will learn over time that growing a tax base is a winner and raising taxes is a loser … and that the hard-working 1% are allies, not enemies.”
