To fund ideas such as free buses and childcare, Mamdani has proposed adding a 2% tax on New Yorkers earning more than $1 million per year, which his campaign suggests would raise $4 billion annually. 

He’s not the first to pitch a “millionaire tax,” and in states that have enacted it, the rich aren’t fleeing: Two years after Massachusetts voters approved a 4% tax on personal income over $1 million, the number of millionaires in the state has actually increased. Still, Mamdani’s biggest hurdle may be convincing decision-makers in Albany, who would have to sign off on an income tax increase.

Let’s get into the headlines,

After delaying enforcement three times, Trump said a “group of very wealthy people” was lined up to purchase TikTok, which was banned by a law passed in 2024. Trump told Fox News host Maria Bartiromo on Sunday he would need China’s approval, and “President Xi will probably do it,” without disclosing more detail on the buyer.

The S&P 500 officially overcame its spring tariff losses, reaching a record high for the first time since February, though JPMorgan Chase predicts stocks will have a rough stretch in the second half of the year. The recovery over the last two months has come as the White House continues to ease on trade, which has created a popular phrase among traders: TACO, or “Trump Always Chickens Out.”

MORE: Wall Street’s optimism came despite a worse-than-expected inflation report for May, as the average effective tariff rate still sits at its highest level since 1936. Despite economists’ warnings, recent inflation data has yet to show a significant tariff-driven surge, though it’s unclear what the impacts will be moving forward.

MORE: Protestors of the wedding called for Bezos to pay more taxes, and Forbes estimates that the world’s fourth-richest man likely paid some $2.7 billion in taxes in 2024. Most of that is due to his record year of share sales, since stock is only taxed when sold, a fact that activists want to change. 

Nvidia CEO Jensen Huang briefly became the ninth-wealthiest person in the world before finishing last week at No. 10, with a net worth of about $137.4 billion, as the stock gained for the fifth consecutive day. Wedbush Securities analyst Dan Ives suggested Nvidia and Microsoft—the “poster [children]” of AI—will each hit a $4 trillion market cap this summer.

MORE: The ruling will have a far-reaching impact on the dozens of pending lawsuits over the president’s agenda, slowing down efforts to halt controversial actions and likely giving the Supreme Court a greater role over which policies stay in place. Trump said Friday that his administration is expected to return to court in a number of cases to now challenge injunctions that have blocked the government’s policies nationwide.

California Governor Gavin Newsom filed a $787 million lawsuit against Fox News for defamation after host Jesse Watters claimed that Newsom lied about the timing of his phone calls with President Donald Trump during recent protests in Los Angeles. The Fox reporting stems from Trump’s claim on June 10 that he last spoke with Newsom the previous day, a call Newsom said never occurred.