Steven Roth, CEO of Vornado Realty Trust, likened the phrase ‘tax the rich’ to ‘disgusting racial slurs’ during a recent earnings call with investors, according to The Guardian and The American Bazaar. The remarks came after New York City Council member Zohran Mamdani announced a new ‘pied-à-terre’ tax on second homes valued above $5 million. Mamdani revealed the policy on April 15 in front of Citadel CEO Ken Griffin’s $238 million penthouse, a move Roth called ‘irresponsible and dangerous.’

Comparing policy language to hate speech

Speaking on his company’s quarterly earnings call, Roth said he was ‘shocked’ by Mamdani’s actions and criticized the mayor for ‘single[ing] out’ Griffin for ridicule. Roth emphasized that Vornado pays $560 million in real estate taxes annually and expressed pride in his ‘lifetime of achievement,’ according to The Guardian.

He continued: ‘I must say that I consider the phrase “tax the rich” — quote tax the rich — spit out with anger and contempt by politicians both here and across the country, to be just as hateful as some disgusting racial slurs, and even the phrase from the “river to the sea.”’ Roth did not elaborate on the specific slurs he referenced, but the phrase ‘river to the sea’ is a controversial slogan associated with pro-Palestinian activism.

Defending the wealthy as economic pillars

Roth argued that the wealthiest Americans are the ‘epitome of the American dream’ and that the top 1% contribute 50% of New York’s income taxes. ‘They are our largest employers and largest philanthropists,’ he said, according to The American Bazaar. The comments were part of a broader pushback against increasing political pressure to raise taxes on the ultra-wealthy.

The remarks were made in the context of Mamdani’s social media campaigns, which have used Vornado’s luxury properties as backdrops to advocate for higher taxes on the wealthy. Roth characterized these efforts as ‘dangerous’ and argued that the top earners deserve ‘more gratitude’ for their economic contributions. He also noted that ‘the rich whom the politicians are targeting, starting with nothing,’ are ‘at the top of the great American economic pyramid for a reason.’

Public backlash and criticism

Roth’s comments drew immediate criticism from labor advocates and public figures, who noted the stark difference between systemic discrimination and a debate over tax policy. Douglas Farrar, a former director at the Federal Trade Commission, remarked that ‘there was a time when the ultra-wealthy avoided such public grievances, but suggested that some now demand “gratitude” for their economic status.’

Some critics argued that Roth’s comparison minimized the impact of racial slurs, which have a long history of being used to dehumanize and oppress marginalized communities. Others suggested that the debate over wealth taxation is a legitimate discussion about economic fairness and should not be equated with hate speech.

The controversy highlights a growing divide between the ultra-wealthy and the broader public, as seen in recent political movements advocating for higher taxes on high earners. The debate over the ‘tax the rich’ rhetoric has become a central issue in discussions about income inequality and government revenue, according to The American Bazaar.