Kevin O’Leary tore into a CNN panel over New York City Mayor Zohran Mamdani’s latest attempt to close a nearly $7 billion budget shortfall, a plan that includes a two percent tax on the city’s wealthiest residents or, failing that, a sweeping 9.5 percent property tax hike on homes and businesses alike.
Mr. Wonderful warned that if enacted, the proposal would turn Mamdani into the real estate agent of the year, predicting it would accelerate an exodus from New York to low-tax states like Florida.
"What Mamdani is proposing is insane and probably sometime next year within 12 to 18 months, I will meet him in Miami and give him a 'Real Estate Agent of the Year Award.'"
— Thomas Hern (@ThomasMHern) February 18, 2026
Mr. Wonderful and [checks notes] Ana Navarro school Abby Phillip on wealthy people exiting New York. pic.twitter.com/nJG0jRGJYg
"This is bat coo-coo-crazy what he's proposing," O'Leary said. "And probably sometime next year, within 12 to 18 months, I will meet him in Miami and give him real estate agent of the year award, because I'm not happy with what's happening. I can't get across the bridge anymore. I live in Miami Beach. Everybody from New York, New Jersey, and Massachusetts is moving into my neighborhood. I'm pissed off, and this guy's just doing more of it. What he's proposing is beyond insane, but I love it."
"Listen, you guys live here," he added. "You're not paying your fair share. You've got to pay 110 percent. That's the right thing to do."
"Found this very interesting chart, some data for you, Kevin," Abby Phillip said.
"Thank you," Mr. Wonderful replied.
"The last time there was a tax hike on the wealthiest, this is in 2021; take a look at this chart," she said. "You see what's going on there? The number of people making more than two hundred thousand dollars in the city increased. The number of people making between two hundred thousand and a million dollars increased. Everybody who makes a lot of money, there were more of them in New York City. "
"Abby, if that's true why not increase taxes to 110 percent if it's so good?" O'Leary asked.
If the CNN panel truly believes higher taxes automatically lead to more people making money, then by that logic, why not support an even steeper increase? They won’t, because they understand the correlation doesn’t hold at it's necessary extremes.
Rising incomes can be attributed to a host of other factors: the post-pandemic economic rebound, surging Wall Street bonuses, migration back into urban centers after COVID lockdowns, and broader national income growth during periods of relatively low federal tax rates. None of those trends proves that higher local taxes drive high-earner retention.
O’Leary’s rebuttal argues that incentives do matter. At a certain point, punitive tax rates don’t expand the base, they erode it, encouraging avoidance, dampening productivity, or pushing top earners and businesses to relocate altogether. All one has to do is look at the population decline in the highest tax states.
But don't worry, CNN thinks socialism will work in New York City this time.
"Don't get mad at me," Phillip said.
"I'm not, I'm excited about it," O'Leary said. "I love it. But I want you to pay me, not me."
"I'm asking you, is there really proof of the brain drain that you say, the money drain?" Phillip asked.
There is plenty of proof, particularly when examining long-term migration and tax data rather than isolating a single post-pandemic year distorted by unique economic conditions. High-tax states like New York, California, and Illinois have consistently seen net outflows of high-income residents to lower-tax jurisdictions such as Florida and Texas.
The panel moved on to several other issues before Phillip offered O’Leary a final word. He didn’t hesitate: “You’re all nuts.”
🚨 LMFAO! Kevin O'Leary INFURIATES CNN panel by calling them "NUTS" when he realizes there's no reasoning with these people
— Eric Daugherty (@EricLDaugh) February 18, 2026
PHILLIP: "A quick last word?"
O'LEARY: "Oh, wow. My last word is, you're all NUTS!"
PHILLIP: "We gotta keep it together."
O'LEARY: "A SHOVEL?!" 😂… pic.twitter.com/lj6HpUua9v
Editor’s Note: New York City is now facing the consequences of Mayor Zohran Mamdani’s socialist takeover.
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