Byron Donalds slams Mamdani, Bernie Sanders’ ‘tax the rich’ policy: ‘It destroys wealth’

NEW YORK CITY, NEW YORK: Rep Byron Donalds criticized New York City Mayor Zohran Mamdani and Senator Bernie Sanders over their support for a “tax the rich” agenda, calling the proposal “insane” and warning that it would drive wealth out of the country.

Donalds’ remarks came after Mamdani, Mamdani, during his inauguration ceremony on Thursday, January 1, reiterated his commitment to higher taxes on wealthy Americans, a key plank of the platform that helped him secure more than 1.1 million votes in the November 2025 election.

Byron Donalds says wealthy Americans have ‘escape velocity'

Donalds appeared on Fox News’ 'The Ingraham Angle' on Friday, January 2, where he reacted to Mamdani’s call for taxing the rich and argued that such policies would ultimately backfire.

“Tax the rich? I got a news flash. The rich will leave, because they can, because they have escape velocity,” Donalds said during the segment.

He went on to suggest that wealthy individuals would not remain in the country if targeted by higher taxes. “If you try to take their money from them, they’re not going to sit around and wait for you to come around with a grocery cart and take their money. They’re going to leave. And frankly, they should,” the Republican lawmaker added. 

Donalds also framed the policy as an attack on core American values. “It’s insane. It destroys wealth. It destroys individualism. That is not what America is about,” he said.

During the same appearance, Donalds took aim at Democrats more broadly, accusing them of lacking substantive policy ideas. “Their politics is rooted in the fact that they don’t have real policy positions that help people improve their lives. I mean, look at what they want to do in healthcare,” he said.

Zohran Mamdani defends expansive government role

During his inauguration address on Thursday, Mamdani laid out an ambitious governing vision, emphasizing a more assertive role for City Hall in addressing affordability issues across New York City.

“Beginning today, we will govern expansively and audaciously,” Mamdani said. “We may not always succeed, but never will we be accused of lacking the courage to try.”

He directly challenged critics of large-scale government intervention, adding, “To those who insist that the era of big government is over, hear me when I say this: No longer will City Hall hesitate to use its power to improve New Yorkers’ lives.”

Mamdani specifically linked higher taxes on wealthy residents to social programs, arguing that such measures would ease economic pressures on working families. He said the cost of childcare would no longer discourage young adults from starting families because the city would deliver universal childcare by taxing “the wealthiest few.” He also pledged to freeze rent for tenants in rent-stabilized apartments.

Zohran Mamdani revokes Eric Adams executive orders

On his first day in office, Mamdani signed five executive orders, including one that revoked all executive orders issued by former mayor Eric Adams after September 26, 2024, in an effort to give the city what he described as a “fresh start.”

The order stated that all executive orders issued on or after that date and still in effect on December 31, 2025, were revoked, with limited exceptions for certain emergency provisions.

Other actions taken by Mamdani included revitalizing the Mayor’s Office to Protect Tenants through the creation of two new task forces aimed at speeding up housing construction on city-owned land.

He also launched a Land Inventory Fast Track task force designed to leverage city-owned property to accelerate residential development, increase housing supply, and reduce costs.