NY is losing jobs to Texas and Mamdanis tax push will worsen exodus: report

New York is losing thousands of jobs to pro-business Texas, and Mayor Zohran Mamdani’s push to raise corporate taxes would only accelerate the exodus, an analysis released Tuesday by the Big Apple’s top corporate advocacy group claims.The report issued by the Partnership for the City of New York concludes that the Lone Star State’s low-tax, pro-growth policies are successfully recruiting corporations and diverting jobs from Wall Street firms fed up with Gotham’s high-tax, business-hostile policies.“New York is already ranked last nationally for tax competitiveness and is consistently ranked among the bottom states for starting a small business and for small business growth,” the partnership’s report said.Follow live updates on Mayor Zohran Mamdani’s socialist agenda and the latest in NYC politicsMamdani has proposed increasing New York’s corporate rate from 7.25% to 11.5%.New York City’s top combined marginal corporate income tax rate — which includes other levies such as an MTA corporate surcharge — would rise from 17.44% to 22.48%, if Gov.Kathy Hochul and the legislature approve a hike.Texas, meanwhile, has no corporate or state income tax and imposes only a modest 0.75 franchise tax.Courts in the Lone Star State are also more friendly to business interests, compared to litigation-happy New York, and it’s easier to incorporate and open firms there, the report noted.It shouldn’t come as a surprise, then, the Partnership said, that Texas is chipping away at New York’s preeminence as the capital of US capitalism.The report found that: “Texas isn’t winning because of one tax lever — it’s executing a coordinated, multi-dimensional strategy to attract jobs and capital and NY is falling into their trap,” said Partnership CEO Steve Fulop.

“Our report from TODAY outlines what’s actually happening with how we are losing … facts matter here.”Mamdani on Tuesday said he’d have to raise property taxes if Hochul and the legislat...