Tax the rich! But then what?

Zohran Mamdani ran for mayor of New York on a platform of taxing the rich, proposing new levies targeting billionaires. Host Megan McArdle argues we’ve seen this kind of rapid shift before. In the 1970s, New York spiraled into crisis as rising spending, a shrinking tax base and economic change led to crime, population loss and near-bankruptcy. Those lessons still matter today, especially as remote work and mobile wealth make cities more vulnerable to decline. But these same forces also create...