JPMorgan Chase CEO Jamie Dimon issued a thinly veiled warning to New York City Mayor Zohran Mamdani on Monday, saying crushing taxes and red tape are already sparking a \u201clarge exodus\u201d of businesses out of the Big Apple.<\/p>\n
In his annual letter to shareholders<\/a>, the 70-year-old Queens native stressed the Big Apple faces stiff competition from other financial centers both in the US and abroad, suggesting that the hard-left Hizzoner\u2019s tax-and-spend policies would do nothing to help swell City Hall\u2019s coffers.<\/p>\n \u201cCities \u2014 like individuals, companies, and countries \u2014 need to compete,\u201d Dimon wrote, \u201cNo matter who you are, you need to deal with reality and the truth.<\/p>\n The JPMorgan CEO only opened the financial giant\u2019s new HQ on Park Avenue last year, but warned he too could move more jobs out of New York unless there is a shift in policy. JPMorganChase<\/p>\n \u201cThe truth is that while New York City has much going for it, particularly for financial companies (because of extraordinary local talent), it also has the highest city and state corporate taxes and the highest individual income and state taxes,\u201d the Wall Street veteran continued.<\/p>\n \u201cPeople often make this a moral or loyalty issue, but it is not,\u201d he added, stopping short of mentioning Mamdani by name.<\/p>\n After winning office last year on campaign promises to \u201ctax the rich,\u201d the democratic socialist mayor has been pushing a menu of tax hikes <\/a>\u2014 including increasing New York\u2019s corporate rate from 7.25% to 11.5% and slapping a 2% personal income tax increase on anyone raking in more than $1 million a year.<\/p>\n Democratic New York Gov. Kathy Hochul would have to approve any fiscal blueprint proposed by Mamdani, who says hikes are necessary to plug a black hole in the Big Apple\u2019s finances. NYC\u2019s bean counter-in-chief, Comptroller Mark Levine, has predicted that could be as much as $12 billion within the next two years<\/a>.<\/p>\n Mayor Zohran Mamdani wants to hike taxes on the wealthy and major corporations. But he will need the sign-off from Governor Kathy Hochul for his ideas to become law. Matthew McDermott for NY Post<\/p>\n \u201cCompanies need to remain competitive in this very tough, fast-moving world. And higher taxes mean lower returns on capital and less competitiveness by their nature,\u201d Dimon wrote.<\/p>\n The Wall Street veteran pointed to a clear pattern: wealthy New Yorkers and major companies are already voting with their feet.<\/p>\n \u201cYou can already see a fairly large exodus of people and jobs out of some states with high taxes and high expenses,\u201d he stated.<\/p>\n A spokesperson for Mayor Mamdani told The Post that \u201cNew York City remains the best place in the world to do business.\u201d<\/p>\n \u201cBut the very people who make this city run are being priced out of it. When working people and young families cannot afford housing, when child care costs more than a mortgage in other parts of this country, we are undermining the foundation of our own economy,\u201d the rep said.<\/p>\n \u201cThat is why Mayor Mamdani is focused on both sides of this equation: continuing to grow the economy, while finally taking on the cost of living crisis with the urgency it demands.\u201d<\/p>\n The Post has also sought comment from Governor Hochul\u2019s office.<\/p>\n Dimon\u2019s letter echoed recent comments<\/a> from Steve Fulop, CEO of the Partnership for the City of New York. <\/p>\n