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.
But city firms also pay other levies such as a payroll tax to fund the Metropolitan Transportation Authority and other levies.
“What people hate in politics is half truths + this graph doesn’t even reflect the entire of what is being said. Raising NY’s corporate rate to `match NJ’ while ignoring NYC’s existing 8.85% additional tax (which isn’t in this graph) means NYC companies get hit with a 16%+ burden,” Fulop said.
“That’s not competitiveness, that’s not `marginally’ more than neighbors…. Any reasonable person can see the truth in what I’m saying,” he added.
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’s tax and spend crowd, including governor and incoming mayor.
Fulop defended himself when liberals who support tax hikes to help Mamdani’s social services agenda accused him on X of changing his political stripes.
“I’m 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’m 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’ve actually lived this,” he said..
“My 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 – not marginally higher, dramatically higher. It’s advancing because of political momentum, not because the merits make sense,” added Fulop.
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