Posted on 03/02/2026 12:45:23 AM PST by Libloather
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.
Moreno, a fellow democratic socialist, was elected to fill Mamdani’s Assembly seat in Astoria after he left the state legislature and took office as mayor.
Gonzalez’s district covers parts of Western Queens, Northern Brooklyn and the East Side of Manhattan.
“Revenues generated from a corporate tax could contribute to addressing the affordability crisis and strong public services for residents of the city,” the lawmakers said.
But a summary of the bill does not specify how much the corporate tax hike would raise in revenue, stating it is “to be determined.”
Mamdani said he prefers Gov. Kathy Hochul and the legislature raise the income tax on millionaires or the corporate tax rate to help bridge a multi-billion-dollar gap in his budget plan and finance his ambitious agenda, rather than his “last resort” plan — an unpopular 9.5% property tax hike, which appears dead on arrival in the Council.
(Excerpt) Read more at nypost.com ...
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Yall Street can’t launch soon enough to get hundreds of corps to relocate HQ’s to Texas.
NYC corps? Is that companies that are incorporated with an address in NYC? Is that all corps with business in NYC. That latter could get really interesting. For example: did there not used to be a gas station over on Victory Boulevard...or I recall growing up there used to be a supermarket over there where, you know, the vacant lot.
Seems Madmani is not driving that bus....
That’s the trouble for them. If people and corporations can escape then that ruins all the fun for socialists. It works much better when they have a prison like situation.
How long before we need some selevtive airstrikes on the Muslim leadership and Columbia U in no longer respected NYC?
cut/paste:
ew York City is a major technology hub with over 1,800 tech companies located in the city
. As the second-largest tech center in the United States, following Silicon Valley,
There are a significant number of tech co’s that have their HQ in NYC. If they relocate their ultimate HQ (Primary) to TX they save tons in taxes and the city loses the business revenue and employment. Creates a doom loop.
These fiscal illiterates in NYC and San Fran think corporations pay taxes. The corporation merely collects the taxes from consumers then forwards it to the taxing agency.
The fidiots also think corporations have a money machine and just print money for taxes.
EC
25% seems kinda low. Go big or don’t go.
Next step - a 50% exit tax.
👍👍
“”Suan Rice agrees. I’m surprised people actually voted for this. Madmani campaigned on surcharges? Good. Make it 50%.””
***
Ironic, isn’t it. And these same leftist morons are 100% “against” tariffs, but they’ll penalize American corporations, which ends up penalizing consumers, all day long and twice on Sundays. The hypocrisy with them reeks, per usual.
And the likelihood of Miami becoming the new financial capital of the world is one step closer.
I’m surprised the NYC CEOs don’t drop their pants in front of Madmani and say “excuse us but could you hit even harder next time? We’re STILL in New York so, obviously, we are slow learners.”
Miami, Charlotte and Dallas will benefit.
Yep.
Charlotte, NC already is.
They act as if this hasn't been done before. Jack up taxes to address the "affordability crisis" with things like free grocery stores? Take a look at the picture of the lines that go around the block at the "free" grocery stores in the Soviet Union. "strong public services"? The money will be siphoned to public unions and politicians' pockets and the public services will be just as broken down, dirty dangerous and unreliable as ever.
A new going out of business Tax ? LOL
Austin, Texas and South Florida beckon! They can join all the businesses that have fled California similar reasons.
"California wealth tax proposal hemorrhages $1T as billionaires flee"
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