Many Black middle-class property owners in New York City are expressing concern over the Democratic Socialists of America’s proposed tax increases, fearing they will be among the hardest hit. The DSA’s proposals include heightened taxes for those earning over $300,000 and imposing taxes on inheritances exceeding $250,000. These measures, according to some property owners, could adversely impact New Yorkers who have spent years accumulating wealth, paying off their homes, and planning for their families’ future financial security.

Lorraine Smith-Singleton, a 77-year-old resident of Jamaica, Queens, and a mother of three, articulated her worries: “The reason you invest is to acquire wealth with the hopes of putting it towards your legacy, for your family — and this will greatly affect my family.” Although Smith-Singleton did not support socialist Mayor Zohran Mamdani, she does endorse his “millionaire tax” proposal. However, she feels that the DSA’s broader tax initiatives place an unjust burden on those who fall within lower tax brackets.

Smith-Singleton, a retired registered nurse who owns two properties, highlights a common sentiment among her peers: “I favor taxing the rich — the super-rich, but I’m not in favor of taxing middle-class working people. I intend to give whatever’s left to my children, not the government.” This perspective underscores the tension between supporting equitable taxation and ensuring that the financial legacies of middle-class families are preserved.

The senior said she didn’t vote for socialist Mayor Mamdani but supports his “millionaire tax” plan. 

However, she believes the DSA’s other measures unfairly target people in lower tax brackets.

“I favor taxing the rich — the super-rich, but I’m not in favor of taxing middle-class working people,” said the retired registered nurse. “I own two properties, and I intend to give whatever’s left to my children, not the government.”

“It doesn’t matter if you’re black, white, yellow, green, or purple! it doesn’t matter!” she added. ”If you fall into a certain category, your family is gonna be affected, and it is so unfair.

“We already pay more taxes now than what we should be. Everything is sky high.”

The DSA tax plan “feels un-Democratic,” and will only widen the gap between the wealthy and middle-class in NYC, said James Chavis, a 58-year-old consultant who owns property in Laurelton, Queens.

“As an African-American homeowner, I think it’s extremely unfair to most middle- and upper-middle-class New Yorkers to raise taxes, especially when incomes are not increasing in our current economic environment,” he said.

”The super-rich manage to skirt the tax by whatever means, and the middle-class continually carries the burden. It’s the reason that so many have chosen to leave the State of New York and New York City.”