New York is losing thousands of jobs to pro-business Texas, and Mayor Zohran Mamdani’s push to raise corporate taxes would only accelerate the exodus, an analysis released Tuesday by the Big Apple’s top corporate advocacy group claims. The report issued by the Partnership for the City of New York concludes that the Lone Star State’s low-tax, pro-growth policies are successfully recruiting corporations and diverting jobs from Wall Street firms fed up with Gotham’s high-tax, business-hostile policies.
“New York is already ranked last nationally for tax competitiveness and is consistently ranked among the bottom states for starting a small business and for small business growth,” the partnership’s report said. Mamdani has proposed increasing New York’s corporate rate from 7.25% to 11.5%. New York City’s top combined marginal corporate income tax rate — which includes other levies such as an MTA corporate surcharge — would rise from 17.44% to 22.48%, if Gov. Kathy Hochul and the legislature approve a hike.
