The founder and CEO of hedge fund Citadel, Richard Mamdani, has responded by criticising his proposal for a wealth tax, suggesting that New York City doesn't welcome success. He proposed a pied-a-terre tax on properties worth more than $5m in the city, which he believes will raise at least $500m. The tax could be used to raise funds for his agenda, along with increasing the corporate tax rate from 7.25% to 11.5%.