"Destroys Small Businesses" – Mamdani’s Socialist Wealth Tax Could BANKRUPT New York

**SPEAKER_1** (0:00)
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**Patrick Bet-David** (0:30)
I don't know if you saw the Mamdani clip, what he said over the weekend. If you want to go to Mamdani's tweet. Mamdani, you know, warning to wealthy New Yorkers about fair share sparks, firestorm. You know how he went out there saying, hey, when it comes down to real estate, if you have a second home in New York City worth more than $5 million, check your mailbox when you're back in five boroughs because you've got mail. Today we send notification to property owners letting them know that a new Peter Thayer tax is coming soon. The best city in the world deserves the best parks, libraries and schools in the world. That's the only possible when we all pay our fair share. Again, this is the language of socialist communists. And I responded and I said, consequences of this policy, more money leaves your state, more jobs leave your state, no incentive for the wealthy to buy property in New York City, property value drops, more construction workers lose job, realtors lose income.
And then Bernie Sanders sent this tweet yesterday, and here's what Bernie had to say. Elon Musk's wealth in 2012, 2 billion. Today, 719 billion. Jeff Bezos, 18.4. Today, 255 billion. Can you go on his tweet before you read mine? Yeah, right there. Zuckerberg's net worth, 17.5, today 212
Federal minimum wage, 2009, 725 Today, 725 And so I responded to him and I said, hey, respectfully, raising the minimum wage helps billionaires. None of these companies pay minimum wage. None of them do. Matter of fact, it'll have 100% impact on small businesses that cannot afford to pay, like Fortune 500 companies can. 47% of workers work for small businesses. Socialist policies destroy small businesses. By the way, I looked into it. Do you know how many people, Tom, in America make the 725?

**SPEAKER_1** (2:20)
What do you think the number is?

**Patrick Bet-David** (2:21)
I actually was curious to know what that number was.

**Tom** (2:23)
I don't think it's a very big number. We have over 105 people that aren't even working right now.

**SPEAKER_1** (2:28)
105 million.

**Tom** (2:29)
105 million have been working. And we got 300 million in the US. So that leaves about 200 million. This is just a swag, spontaneously. But I would say maybe 10 million people make that.

**Patrick Bet-David** (2:40)
Tom, 79,000 people only get paid 725 an hour.

**Tom** (2:44)
Oh, wow. Because I know you go to In-N-Out Burger, they proudly say 1050 But you have to go through training, you have to be a good person, you have to do all these things.

**Patrick Bet-David** (2:53)
Only 79,000.
If you look it up in Grok or Chad GBT, it will say 650 or 850, but they're talking about 1099 commission when people reported tips and all that stuff. I'm asking hourly. Only 79,000 people in America last year, according to the Business Bureau, only 79,000 made 725 I stand corrected.

**Tom** (3:14)
I was trying to back into the number of teenagers and things like that.

**Patrick Bet-David** (3:18)
And the average age. Guess what the average age is?
Guess what the average age is of somebody making 725 an hour? It's a young kid.

**Tom** (3:25)
16?

**Patrick Bet-David** (3:25)
I'll just say... It's not 16 years old, but it's under 25 A big chunk of it is under 25 years old that are making 725 And guess what markets it's in?
Rural areas, Arkansas, South Dakota. You're not going to get no 725 in metropolitan cities. Ain't nobody making 725 Unless if they're like a waitress, and the way they get paid is that number plus tips, and the waitress and the waiter, they're like, yeah, I don't care about that.
But there's a video that's gone viral on X, and I want you to see this clip, folks, because it shows how open independents are to socialism and how open Democrats are to socialism. Watch this video here. Go for it.

**SPEAKER_4** (4:08)
Look at this season, socialists winning democratic primaries.

**Patrick Bet-David** (4:11)
Look at that.

**SPEAKER_4** (4:12)
Candidates from the far left. And look at this here. Among Democrats, this is that Fox poll, a majority have a favorable view of socialism. Step outside the democratic party. It's a totally different world. Look at independence, socialism, deeply unpopular there. So is that a vulnerability for Democrats that would keep them from capitalizing on Trump's obvious weaknesses here? Look more specifically at the two chambers here. Senate side, this, if you're a Democrat, this is the particularly tough one. They need a net gain of four seats to get control of the Senate. Take a look at the map here. How would they get four? Four is their target number. First thing, they can't lose ground. Georgia, New Hampshire, Michigan, Democratic seats, big primary coming up in Michigan in a few weeks there. They could have general election implications. Democrats have to win those just to not lose ground. Then the two Republican seats they think they have the best shot at would be Susan Collins in Maine. Democrats have a new candidate there now. And in North Carolina, where Democrats have nominated a former governor every season.