New York's Mayor and Governor gleefully announced yesterday a new 'pied-a-terre tax' on second homes not used as primary residences priced $5 million and above. How exactly this will be determined and implemented is another story for another day, as they had zero details on this.

The implied message behind "TAX THE RICH!" is that the rich don't pay taxes. Or enough taxes. There are indeed some very wealthy people who avoid paying lots of taxes via Federal Tax policies and laws with special loopholes and favors for some, but not others. This has provided ample fodder for many to be (mostly justifiably) outraged. Local tax policies in New York City tax everyone, especially the rich, lots! More than any other city in the US.

The Mayor and Governor used Ken Griffin's penthouse at 220 Central Park South as an example of how the rich don't pay taxes without mentioning once that Ken pays over $850,000 per year in real estate taxes alone. EVERY. SINGLE. YEAR. They never once mentioned the $16 million-plus paid in transfer and mansion taxes at the time of purchase. Why? It's easy to deceive the masses via omitting certain uncomfortable truths. Even easier when these false narratives are repeated by the uninformed or those with an agenda seeking power.

Now, before everyone in Florida jumps up and down with glee, please note that the recent efforts to 'eliminate real estate taxes' in Florida, did NOT eliminate real estate taxes for pied-a-terre owners. If these laws pass, pied-a-terre owners will pay much, much more real estate tax than full-time residents, at all price levels, not just $5 million-plus.