New York City Democratic Mayor Zohran Mamdani is embracing his identity as a Democratic Socialist, arguing the movement represents a return to the Democratic Party’s New Deal roots. In a wide-ranging interview with The New York Times, Mamdani rejected the notion that his political label is a liability, instead characterizing Democratic Socialism as the modern embodiment of Franklin D. Roosevelt’s vision for the Democratic Party.

Embracing Democratic Socialism

Mamdani pointed to the recent announcement of American Express’ new headquarters at Two World Trade Center as evidence that major corporations continue investing in New York. The mayor also rejected the idea that Democratic Socialism is incompatible with economic growth, saying he will always celebrate continued investment in the city and look to ensure that more New Yorkers can be a part of those benefits.

However, an analysis by the Citizens Budget Commission found New York’s share of the nation’s millionaires fell from 12.7% in 2010 to 8.7% in 2022, the steepest decline of any state, costing an estimated $10.7 billion in personal income tax revenue in 2022 alone. Mamdani has made raising taxes on wealthy New Yorkers a centerpiece of his economic agenda, arguing the city’s highest earners and most profitable corporations should shoulder more of the cost of funding public services.

Original reporting: Fox News (HLL/CB) — read the source article.