{"id":141999,"date":"2026-02-22T20:01:08","date_gmt":"2026-02-22T20:01:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/141999\/"},"modified":"2026-02-22T20:01:08","modified_gmt":"2026-02-22T20:01:08","slug":"mamdanis-corporate-tax-push-could-cause-exodus-to-jersey-business-honcho-claims","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/141999\/","title":{"rendered":"Mamdani’s corporate tax push could cause exodus to Jersey, business honcho claims"},"content":{"rendered":"

Mayor Zohran Mamdani\u2019s push to hike New York\u2019s corporate tax \u2014 if enacted \u2014 could cause an exodus of firms and residents across the Hudson to New Jersey, the head of the Big Apple\u2019s top business group <\/a>warned.<\/p>\n

\u201cI don\u2019t think the tax conversation is productive because we are going to be 100% higher than New Jersey if we take that proposal. New Jersey\u2019s current corporate tax rate is 11%. If we do what the Mayor has recommended, will be at 22% \u2013 100% over New Jersey,\u201d Steve Fulop, the new CEO of the Partnership for The City of New York said Sunday on 77 WABC\u2019s the \u201cCats Roundtable\u201d program.<\/p>\n

\u201cPeople don\u2019t have to move to Texas or Florida. They can just move a mile away, which is a real risk for the economy here in New York. People want to be in New York, but you have to have an economy that\u2019s competitive. We\u2019re getting close to a place that it isn\u2019t,\u201d he told host John Catsimatidis.<\/p>\n

Mayor Zohran Mamdani\u2019s push to hike New York\u2019s corporate tax could cause an exodus of firms and residents across the Hudson to New Jersey. Matthew McDermott for NY Post<\/p>\n

Mamdani has said his recommended corporate tax rate hike from 7.25%. to 11.5% would equal New Jersey\u2019s. Luiz C. Ribeiro for NY Post<\/p>\n

Fulop knows the competitive dynamics between New York and New Jersey well. He\u2019s the former mayor of Jersey City just across the Hudson River, where many residents pay cheaper rents and commute to jobs in Manhattan via the PATH train.<\/p>\n

Mamdani has said his recommended corporate tax rate <\/a>hike from 7.25%. to 11.5% would equal <\/a>New Jersey\u2019s. <\/p>\n

But 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 Mamdani\u2019s recommended hike to help close a multi-billion dollar shortfall and fund his ambitious free stuff agenda, Fulop said.<\/p>\n

During the campaign, Mamdani said New York\u2019s corporate tax rate has also fallen over time, from 12 percent in the mid-1970s to 10 percent in the mid-1990s, to just 6.5 percent in 2014 as a result of former Gov. Andrew Cuomo\u2019s corporate tax cut and lower than neighboring states.<\/p>\n

\u201cA majority of all corporate tax revenue is paid by fewer than 1000 super-profitable corporations. The Mamdani administration will champion an increase of the top corporate tax rate to 11.5 percent\u2014the same rate as New Jersey\u2014which will raise $5 billion per year,\u201d his campaign website said. <\/p>\n

Mamdani said he would push the City Council to raise property taxes by 9.5% if Albany refused to raise corporate taxes and the income tax on millionaires in an election year. The state must approve all major city taxes, with the exception of the property tax.<\/p>\n

Aerial view of lower Manhattan. Dario Bajurin \u2013 stock.adobe.com<\/p>\n

Zohran Mamdani on Subway Takes talking about tax raises on New Yorkers. Instagram \/ @subwaytakes<\/p>\n

Fulop said he met with 25 of the city\u2019s top corporate CEOs who want the Partnership to take a more aggressive approach in opposing higher taxes and government spending under Mamdani, a democratic socialist.<\/p>\n

They are also alarmed about growing antisemitism in the city. Fulop and some of the city\u2019s corporate honchos are Jewish.<\/p>\n

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\u2018The CEOs would say, `We\u2019re in uncharted territory \u2026 a lot of things he says we don\u2019t believe in period,\u201d Fulop said.<\/p>\n

\u201cThey\u2019re definitely concerned about the business climate, about some of the rhetoric, growing antisemitism on the extreme left and \u2026 the quality of life throughout the city.\u201d<\/p>\n

He said there\u2019s much bloat in the city government that should be addressed instead of raising taxes.<\/p>\n

Exhibit A, Fulop said, is the city\u2019s Department of Education<\/a>.<\/p>\n

Madmani\u2019 pending plan for fiscal year 2027 beginning July 1 would boost the DOE budget overall by $3 billion, to a total $38 billion \u2014 event as the public school system\u2019s enrollment has cratered following the COVID-19 pandemic.<\/p>\n

But political opposition from the unions and council members have thwarted prior mayors from curbing spending at schools with dwindling enrollment, via a \u201chold harmless\u201d provision.<\/p>\n

\u201cSchool funding in New York \u2026 is flawed.\u2026 You\u2019ve seen enrollment drop from 1.1 million to a little bit more than 800,000 while the budget has increased,\u201d Fulop said.<\/p>\n

The city also spends massively on rental assistance programs, he noted.<\/p>\n","protected":false},"excerpt":{"rendered":"Mayor Zohran Mamdani\u2019s push to hike New York\u2019s corporate tax \u2014 if enacted \u2014 could cause an exodus…\n","protected":false},"author":2,"featured_media":142000,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[15660,57,9,24,55,54,56,87,58,82],"class_list":["post-141999","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-corporate-taxes","tag-metro","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-politics","tag-us-news","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/141999","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=141999"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/141999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/142000"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=141999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=141999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=141999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}