Rep. Dan Goldman (D-NY) introduced legislation aimed at taxing the rich on Thursday, despite its slim chance of passing in the House. The progressive policy signal comes as more liberal possible challengers await an opportunity to challenge the more centrist, pro-Israel incumbent.
The congressman’s wealthy background contrasts with the legislation. Goldman is one of the wealthiest members of Congress and is an heir to the Levi Strauss & Co. fortune.
His legislation, the ROBINHOOD Act, would address wealth inequality in the United States, his office said. It would impose a 20% excise tax on loans and lines of credit backed by capital assets. The wealthy and ultrawealthy commonly borrow money against their assets, thereby avoiding taxes that would otherwise be incurred.
“While working, wage-earning New Yorkers pay income taxes on every single paycheck, billionaires live tax-free by borrowing against their stock portfolios, real estate holdings, and art collections without paying a dime in taxes on that money,” Goldman said in a statement shared with the Washington Examiner.
“By restoring basic fairness to our tax code and making the ultra-wealthy pay their fair share and contribute what they owe, this bill will generate hundreds of billions of dollars to invest in universal pre-K, child care, and working families instead of subsidizing billionaires’ yachts and private islands. It’s long past time for the wealthiest people in the country to pay their fair share,” he added.
Goldman has undertaken other efforts in the past to tax the rich, but hasn’t been as vocally forward on the issue as some of his possible Democratic challengers.
One-time Goldman challenger and former New York State Rep. Yuh-Line Niou found Goldman’s legislation humorous. “Hahaha, I would see if it affects his wealth at all,” she said when asked how she views the legislation. Niou is reportedly considering challenging Goldman again, but did not comment to the Washington Examiner on her plans.
She has mocked Goldman in the past for appealing to progressive voters with efforts to tax billionaires.
“True. He is only a $253 million millionaire,” she sarcastically told a Goldman defender who cited his past billionaire tax legislation.
New York City Councilwoman Alexa Avilés, a socialist, and former City Comptroller Brad Lander have expressed interest in bids against Goldman. No notable candidates, including Goldman, have declared for the seat. The New York congressman has filed the paperwork for reelection but has not yet made his intent known.
Goldman looks to be vulnerable in the middle of a progressive wave in New York City, with Israel-critical Mayor-elect Zohran Mamdani set to take office in January. A November poll showed Avilés has drawn enthusiasm from young voters, but that Goldman would easily beat her among definite supporters and leaners. However, most of the district is unaware of Avilés, and those who live in the overlap between her council district and Goldman’s hold a 43% to 3% favorable view of her.
Lander beat Goldman 52% to 33% in a September head-to-head poll. But the November poll released a memo showing optimism for Avilés.
“While the prevailing opinion is that Brad Lander may present a strong challenge to Goldman, the data show that Aviles has strength with a key mobilization cohort – young voters – and has substantial room for growth across all demographic subgroups,” the polling memo reads.
Avilés also strikes a stark contrast to Goldman. She’s a part of the Democratic Socialists of America, who may back her if she runs against him, and was the first in her family to attend college. She’s also been unafraid to spout the “Tax the Rich” slogan as recently as last month.
Goldman’s wealth and pro-Israel roots have led to socialist rebellion and attempts to label the congressman as “out of touch” with his constituents.
“Dan Goldman is out of touch with his district and the needs of working people in NYC,” Grace Mausser, cochairwoman of NYC-DSA, said in October. “Since he was elected, constituents have seen the cost of living skyrocket as more people are being priced out of their homes. Furthermore, his cowardice in the face of Israel’s genocide in Gaza is utterly unacceptable. People have the right to question their leadership at this time more than ever.”
The DSA’s grassroots power, illustrated in Mamdani’s win, would be behind Avilés if they choose to endorse her run. She’s reportedly working to secure the organization’s endorsement and will only run if she does. The organization recently declined to endorse city councilman Chi Ossé in his bid against House Minority Leader Hakeem Jeffries (D-NY).
If Avilés doesn’t run, Lander will likely be the congressman’s chief challenger. He reportedly believes he’s the best one to challenge Goldman, and while he’s not a socialist, he’s taken a more progressive stance on Israel.
He also didn’t hesitate to endorse Mamdani for New York City mayor, while Goldman left the endorsement question open past the general election. The pro-Israel Democrat was never likely to back Mamdani, who has said he would arrest Israeli Prime Minister Benjamin Netanyahu if he came to the city.
Mamdani told Lander in mid-October that while the former city comptroller would not be in his administration, he would support his bid against Goldman if he ran. It’s likely that Mamdani will renege on his pledge if the NYC-DSA chooses to endorse Avilés.
Other socialists in the city could target House seats. New York State Rep. Claire Valdez has been floated as a candidate for New York’s 7th Congressional District following Rep. Nydia Velázquez’s (D-NY) retirement.
In New York’s 12th District, Parkland shooting survivor and socialist Cam Kasky is running in a crowded field also including former President John F. Kennedy’s grandson, Jack Schlossberg.
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As socialists take power in New York City, progressives on the outside looking in don’t like Goldman’s chances. “He’s gonna get his electoral ass whooped, and it isn’t gonna be close,” Kasky told the Washington Examiner.
The Washington Examiner reached out to Goldman’s office for comment but did not receive a response.