The incoming head of New York City’s premier business group said it would be “absolute suicide” for Gov. Kathy Hochul and the state legislature to enact Mayor-elect Zohran’s proposed corporate tax hikes.
“This proposal is absolute suicide for NYC and an absolute dream for NJ,” said Steven Fulop, the Jersey City mayor who will become the CEO of the Partnership for The City of New York next year.
“Speaking as both a NJ mayor and the incoming CEO of the Partnership for NYC: I can’t think of an easier narrative to torch supporters of this idea (both politically and governmentally). Even if believe companies won’t move, what remains 100% indisputable is they certainly won’t create a single new jobs in NYC,” Fulop said.
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.
Mamdani wants Albany to hike the corporate tax rated from 7.3% to 11%, moving New York from 17th among states to tied for first with New Jersey.
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