{"id":41320,"date":"2025-11-16T15:54:07","date_gmt":"2025-11-16T15:54:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/41320\/"},"modified":"2025-11-16T15:54:07","modified_gmt":"2025-11-16T15:54:07","slug":"incoming-nyc-business-group-head-torches-mamdanis-proposed-corporate-tax-hike","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/41320\/","title":{"rendered":"Incoming NYC business group head torches Mamdani’s proposed corporate tax hike"},"content":{"rendered":"

The incoming head of New York City\u2019s premier business group said it would be \u201cabsolute suicide\u201d for Gov. Kathy Hochul<\/a> and the state legislature to enact Mayor-elect Zohran\u2019s proposed corporate tax hikes.<\/p>\n

\u201cThis proposal is absolute suicide for NYC and an absolute dream for NJ,\u201d said Steven Fulop, the Jersey City mayor who will become the CEO of the Partnership for The City of New York next year.<\/p>\n

\u201cSpeaking as both a NJ mayor and the incoming CEO of the Partnership for NYC: I can\u2019t think of an easier narrative to torch supporters of this idea (both politically and governmentally). Even if believe companies won\u2019t move, what remains 100% indisputable is they certainly won\u2019t create a single new jobs in NYC,\u201d Fulop said.<\/p>\n

\"NewIncoming NYC Mayor Zohran Mamdani\u2019s tax plans have business owners sounding the alarm ahead of his inauguration. Getty Images<\/p>\n

Democrat Hochul, in a major shift, is reportedly considering raising the state corporate tax rate after vowing not to hike broad-based taxes as she seeks re-election next year.<\/p>\n

Mamdani wants Albany to hike the corporate tax<\/a> rated from 7.3% to 11%, moving New York from 17th among states to tied for first with New Jersey.<\/p>\n

But city firms also pay other levies such as a payroll tax to fund the Metropolitan Transportation Authority and other levies.<\/p>\n

\u201cWhat people hate in politics is half truths + this graph doesn\u2019t even reflect the entire of what is being said. Raising NY\u2019s corporate rate to `match NJ\u2019 while ignoring NYC\u2019s existing 8.85% additional tax (which isn\u2019t in this graph) means NYC companies get hit with a 16%+ burden,\u201d Fulop said.<\/p>\n

\u201cThat\u2019s not competitiveness, that\u2019s not `marginally\u2019 more than neighbors\u2026. Any reasonable person can see the truth in what I\u2019m saying,\u201d he added.<\/p>\n

\"JerseyFulop has called Mamadani\u2019s corporate tax hike \u201cabsolute suicide\u201d for Kathy Hochul and the NYS legislature. Corbis via Getty Images<\/p>\n

The scorching statement shows that Fulop, who ran unsuccessfully for governor of the Garden State earlier this year, is willing to throw punches at New York\u2019s tax and spend crowd, including governor and incoming mayor.<\/p>\n

Fulop defended himself when liberals who support tax hikes to help Mamdani\u2019s social services agenda <\/a>accused him on X of changing his political stripes.<\/p>\n

\u201cI\u2019m the same person who was the 6th in the country to pass Paid Sick Leave, the first to champion a minimum-wage increase, and a consistent partner to labor. I\u2019m also the same mayor who delivered 8 of 11 budgets with no tax increase and kept costs below inflation. I have credibility here because I\u2019ve actually lived this,\u201d he said..<\/p>\n

\u201cMy point is simple: regardless of politics, any objective person can see this proposal is a gift for New Jersey. The combined rate in NYC would be far higher than almost anywhere else in America \u2013 not marginally higher, dramatically higher. It\u2019s advancing because of political momentum, not because the merits make sense,\u201d added Fulop.<\/p>\n","protected":false},"excerpt":{"rendered":"The incoming head of New York City\u2019s premier business group said it would be \u201cabsolute suicide\u201d for Gov.…\n","protected":false},"author":2,"featured_media":41321,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[57,9,24,55,54,56,63,2780,58,82],"class_list":{"0":"post-41320","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-metro","9":"tag-new-york","10":"tag-new-york-city","11":"tag-new-york-city-headlines","12":"tag-new-york-city-news","13":"tag-ny","14":"tag-nyc","15":"tag-taxes","16":"tag-us-news","17":"tag-zohran-mamdani"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/41320","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=41320"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/41320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/41321"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=41320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=41320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=41320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}