NewsThe GuardianMay 6, 2026United States
NYC Billionaire Steve Roth Compares 'Tax the Rich' to Racial Slurs
New York real estate titan Steve Roth stated that the phrase 'tax the rich' is as hateful as racial slurs, arguing that the wealthy should be praised for their contributions to the economy and philanthropy. Roth made these comments on his company's earnings call, in response to New York City's new 'pied-à-terre' tax targeting high-value second homes, which he believes unfairly singles out individuals like Ken Griffin.
Read the full story at The GuardianWhy It Matters
This statement highlights a prominent viewpoint from a major real estate developer regarding wealth taxation and its potential impact on public discourse and economic policy.
Key Facts
- Billionaire Steve Roth stated that the phrase 'tax the rich' is comparable to racial slurs.
- Roth made these remarks during Vornado Realty Trust's quarterly earnings call.
- New York City's mayor, Zohran Mamdani, announced a new 'pied-à-terre' tax on second homes valued over $5m.
- The tax announcement was made in front of Ken Griffin's penthouse, purchased for $238m.
- Vornado Realty Trust paid $560m in real estate taxes this year.