Ramit Sethi argues that owning a $5 million second home in New York makes you wealthy, not middle class, no matter what you tell yourself. He cites the new Mamdani tax on high-value second homes and says the wealthy pay historically low rates. Acknowledging your wealth isn't shameful.
Uh, I can't believe I have to say this, but if you have a second house in New York that's worth $5.2 million, you are not middle class. You are wealthy. I'm having the most insane discussion on Twitter right now because of this new Mamdani tax, which is actually great policy hyper-focused at the wealthy and ultra-wealthy in New York. These are people who have second houses worth over $5 million in New York that are being taxed more. Remember, the wealthy and ultra-wealthy pay historically low taxes. Anyway, I post this stuff on Twitter and a bunch of people coming out of the woodwork going, "That's outrageous. What if this person is just a middle-class lil old me?" I'm like, in what world do you own a second house or even a first house, your primary residence, if it's worth over $5 million you're wealthy. And it is simple as that. We need to stop tiptoeing around wealthy people's feelings, okay? I'm wealthy. It's okay for me to admit that. Doesn't make me a bad person. It doesn't make me delicate little flower to say I'm wealthy. Not everybody is middle class just based on how they feel. And if you are wealthy or ultra-wealthy, your taxes are historically low, you should, including me, pay higher taxes.
