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Mayor Mamdani's Tax Hike Sparks Business Exodus Fears

2/23/2026

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Summary

Story summary

Zohran Mamdani, the mayor of New York City, proposes raising the corporate tax to 11.5%.
Steve Fulop, CEO of the Partnership for The City of New York, warns the plan could push business to New Jersey.
Fulop argues New York's combined corporate tax rate could reach 22.48%, far above New Jersey's 11%.
Fulop has met with top corporate CEOs and expressed concerns about Mamdani's plans, antisemitism, and education spending.

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Story summary

Zohran Mamdani, the mayor of New York City, proposes raising the corporate tax to 11.5%.
Steve Fulop, CEO of the Partnership for The City of New York, warns the plan could push business to New Jersey.
Fulop argues New York's combined corporate tax rate could reach 22.48%, far above New Jersey's 11%.
Fulop has met with top corporate CEOs and expressed concerns about Mamdani's plans, antisemitism, and education spending.