{"id":136805,"date":"2026-02-17T23:44:07","date_gmt":"2026-02-17T23:44:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/136805\/"},"modified":"2026-02-17T23:44:07","modified_gmt":"2026-02-17T23:44:07","slug":"ny-is-losing-jobs-to-texas-and-mamdanis-tax-push-will-worsen-exodus-report","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/136805\/","title":{"rendered":"NY is losing jobs to Texas \u2014 and Mamdani’s tax push will worsen exodus: report"},"content":{"rendered":"

New York is losing thousands of jobs to pro-business Texas, and Mayor Zohran Mamdani\u2019s push to raise corporate taxes<\/a> would only accelerate the exodus, an analysis released Tuesday by the Big Apple\u2019s top corporate advocacy group claims.<\/p>\n

The report issued by the Partnership for the City of New York<\/a> concludes that the Lone Star State\u2019s low-tax, pro-growth policies are successfully recruiting corporations and diverting jobs from<\/a> Wall Street firms fed up with Gotham\u2019s high-tax, business-hostile policies.<\/p>\n

\u201cNew 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,\u201d the partnership\u2019s report said.<\/p>\n

Mayor Zohran Mamdani\u2019s push to raise corporate taxes is causing New York to lose jobs to Texas, according to a report from the Partnership for the City of New York. Stephen Yang for NY Post<\/p>\n

Follow live updates on Mayor Zohran Mamdani\u2019s socialist agenda and the latest in NYC politics<\/a><\/p>\n

Mamdani has proposed increasing New York\u2019s corporate rate from 7.25% to 11.5%.<\/p>\n

New York City\u2019s top combined marginal corporate income tax rate \u2014 which includes other levies such as an MTA corporate surcharge \u2014 would rise from 17.44% to 22.48%, if Gov. Kathy Hochul and the legislature approve a hike<\/a>.<\/p>\n

Texas, meanwhile, has no corporate or state income tax and imposes only a modest 0.75 franchise tax.<\/p>\n

Courts in the Lone Star State are also more friendly to business interests, compared to litigation-happy New York, and it\u2019s easier to incorporate and open firms there, the report noted.<\/p>\n

Mayor Mamdani has called on Gov. Kathy Hochul and state lawmakers to increase New York\u2019s corporate rate from 7.25% to 11.5%. Paul Martinka for NY Post<\/p>\n

It shouldn\u2019t come as a surprise, then, the Partnership said, that Texas is chipping away at New York\u2019s preeminence as the capital of US capitalism.<\/p>\n

The report found that: <\/p>\n

In 2024, Texas surpassed New York as the state with the most financial services employees, excluding insurance and real estate.<\/p>\n

23 companies relocated their headquarters from New York to Texas over the last decade, second only to firms from California, which is much closer to the Lone Star State.<\/p>\n

JPMorgan Chase now employs more people in Texas than in any other state, including its home state of New York. The banking giant announced last year a new Fort Worth office that will double employee capacity by 2027.<\/p>\n

Wells Fargo opened a new Dallas campus in 2025, increasing office capacity by 1,500 employees.<\/p>\n

Financial services recruitment in Texas surpassed New York\u2019s with 9% more job postings in 2025.<\/p>\n

While New York\u2019s financial services industry still remains more productive \u2014 generating $330 billion in gross regional product in 2024, 71% more than Texas \u2014 Texas\u2019 financial services sector grew faster over the decade, with GRP rising 121% compared to New York\u2019s 72%.<\/p>\n

Texas received approval to launch its own stock exchange, slated to open by the end of 2026, positioning itself as a more issuer-friendly and lower-cost exchange than the New York Stock Exchange and Nasdaq.<\/p>\n

Mamdani said he would have to raise property taxes to balance his record $127 billion city budget proposal. Stephen Yang for NY Post<\/p>\n

\u201cTexas isn\u2019t winning because of one tax lever \u2014 it\u2019s executing a coordinated, multi-dimensional strategy to attract jobs and capital and NY is falling into their trap,\u201d said Partnership CEO Steve Fulop. \u201cOur report from TODAY outlines what\u2019s actually happening with how we are losing \u2026 facts matter here.\u201d<\/p>\n

Mamdani on Tuesday said he\u2019d have to raise property taxes <\/a>if Hochul and the legislature don\u2019t boost income taxes on the rich and corporate taxes.<\/p>\n

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Hochul, who is seeking re-election this fall, said she opposes tax increases<\/a>.<\/p>\n

\u201cAt a moment when growth decisions are increasingly mobile, tax policy cannot be viewed in isolation. New York is missing the bigger picture of what other states are deliberately doing as we just talk taxes,\u201d Fulop said. <\/p>\n

\u201cYou can\u2019t just tax people for the sake of taxing people,\u201d he said. \u201cThis approach to pressure the governor [to raise taxes] is a mistake. I certainly understand the pressure around the budget, but this approach misses the larger competitive reality and will cost more in the long run.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"New York is losing thousands of jobs to pro-business Texas, and Mayor Zohran Mamdani\u2019s push to raise corporate…\n","protected":false},"author":2,"featured_media":136806,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[288,3416,426,57,9,24,55,54,56,2780,1777,58,20788,82],"class_list":{"0":"post-136805","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-business","9":"tag-jp-morgan-chase","10":"tag-kathy-hochul","11":"tag-metro","12":"tag-new-york","13":"tag-new-york-city","14":"tag-new-york-city-headlines","15":"tag-new-york-city-news","16":"tag-ny","17":"tag-taxes","18":"tag-texas","19":"tag-us-news","20":"tag-wells-fargo","21":"tag-zohran-mamdani"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/136805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=136805"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/136805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/136806"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=136805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=136805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=136805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}