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New York Mayor Bill de Blasio, who became a scourge of the wealthy with a vow to raise their taxes, has enlisted members of the financial elite, including Morgan Stanley, to advance his agenda.

Naturalization may lead to an average increase in individual earnings of 8.9%, or $3,200, in the first year after becoming a U.S. citizen, according to new research. If all eligible immigrants were to naturalize, employment and homeownership rates...