"Speaking as both a NJ mayor and the incoming CEO of the Partnership for NYC: I can't think of an easier narrative to torch supporters of this idea (both politically and governmentally). Even if believe companies won't move, what remains 100% indisputable is they certainly won't create a single new jobs in NYC,"
"What people hate in politics is half truths + this graph doesn't even reflect the entire of what is being said. Raising NY's corporate rate to `match NJ' while ignoring NYC's existing 8.85% additional tax (which isn't in this graph) means NYC companies get hit with a 16%+ burden,"
"This proposal is absolute suicide for NYC and an absolute dream for NJ,"
Zohran Mamdani proposes raising New York State's corporate tax rate from 7.3% to 11%, which would tie New York with New Jersey. Incoming Partnership for NYC CEO and Jersey City Mayor Steven Fulop called the proposal "absolute suicide" for New York and said it would be politically damaging for Gov. Kathy Hochul and the state legislature. Fulop noted that adding the proposed hike to NYC's existing 8.85% additional tax would produce a combined burden exceeding 16%, reducing incentives for job creation in the city. City firms also face payroll and other levies such as MTA funding.
Read at New York Post
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