Here’s a riddle for you: how many New York City-based corporations will leave if the Mayor slaps a 25% additional corporate tax on what they already pay, and how many jobs will leave with those corporations?
Here, from Carl Campanile’s article for the New York Post, is the reason New Yorkers should be thinking about the answer to that riddle:
Mayor Zohran Mamdani’s pals in the state Legislature are pushing a bill to give him the power to slap a 25% tax liability “surcharge” on Big Apple corporations.
The Democratic socialist mayor and his liberal followers have been on an ideological crusade to hike taxes on the wealthy and corporations to pay for their freebie-filled promises made during the 2025 campaign.
“This legislation would authorize New York City to charge a surcharge on corporate taxes, allowing the city to increase its corporate taxes should the mayor and City Council deem this necessary and appropriate,” said Assemblywoman Diana Moreno and Sen. Kristen Gonzalez in a memo summarizing their legislation.
Once upon a time, before the advent of the internet, online communications, etc., corporations needed to be in places most beneficial to them.
But now? Most corporations can operate out of anywhere. So why would they stay where they are being taxed to the hilt when there are places that would welcome them and which have far more attractive tax policies?
But, in the world of Mamdani and his similarly socialist-disposed pals, this somehow doesn’t count.
My guess is that Mamdani will reject the 25% and make it lower – maybe 10-15% – and then try to convince corporations that he did them a big favor.
If so, it won’t work. Corporations will still see themselves as being soaked – not as heavily as they could have been but soaked nevertheless. Many will act accordingly by leaving.
A reminder to New York voters about the guy they elected to run the city: you asked for it, you got it.
Enjoy every second.
