He promised higher taxes, on an already high tax base. I'm only surprised that they didn't leave before this. Escape from New York: Bankers flee Mamdani for Texas
New York’s new socialist mayor-elect swept to victory this week on promises for universal free childcare, free buses and freezing rents on the city’s rent-controlled apartments.
But paying for these measures will mean tax rises. Mamdani wants to increase corporation tax from 7.5pc to 11.5pc and add 2pc to the income tax rate for those earning $1m
But you can't tax people who don't live or work in your city.
For some, Mamdani’s new regime means Texas is on course to take New York’s crown as the financial capital of America.
“It’s hard to remain a financial capital when you despise capitalism. Cities run by people who have never run a business or met a payroll are killing their own proverbial golden goose,” says Chris Furlow, chief executive of the Texas Bankers Association.
Hat tip to Instapundit.
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