Billionaire Compares 'Tax the Rich' Calls to Hate Speech as Study Finds Barely Half of Americans Earn Living Wage
Common Dreams • • business
Key Points:
- Vornado Realty Trust CEO Steven Roth equated calls to tax the wealthy with racial slurs during his company's earnings call, criticizing politicians like NYC Mayor Zohran Mamdani for proposing taxes on luxury properties.
- Roth defended the wealthy as embodiments of the American dream, arguing they deserve praise and gratitude rather than scorn, and condemned Mamdani's public announcement of the pied-à-terre tax as a "dangerous" stunt.
- Critics, including former FTC official Douglas Farrar and activist Melanie D'Arrigo, condemned Roth's comments, highlighting issues like tax breaks for developments that harmed Black and brown neighborhoods.
- Concurrently, a study by Dayforce and the Living Wage Institute revealed a decline in the percentage of Americans earning a living wage over the past five years, amid rising costs of essentials and slowed job growth.
- The report’s data predates recent geopolitical events, including President Trump's conflict with Iran, which have further exacerbated economic pressures like soaring gas prices and potential food crises.
