Overview
- The mayoral frontrunner proposes lifting the city corporate tax rate from about 7.5% to 11.5%, which his campaign says would raise roughly $5 billion.
- His platform adds a new wealth tax on households earning more than $1 million, with the campaign estimating about $9 billion annually from the combined measures.
- Mamdani said the corporate tax would apply to any firm doing business in New York City even if it is headquartered elsewhere.
- An Empire Center analysis estimates the wealth tax would reach about 1% of city filers and the corporate hike about 1,000 of 250,000 businesses, warning of greater relocation incentives for high earners and firms.
- Implementation faces state-level hurdles as Gov. Kathy Hochul has opposed wealth taxes, though progressives in the Legislature could be receptive.