Why JPMorgan Chase is likely to keep shrinking its New York City workforce

"Taxing the Titans: New York City's Corporate Tax Rate Sparks Debate with Texas. A growing divide between New York City and Texas is emerging over corporate taxation, with the Big Apple imposing a flat 9% corporate tax on financial institutions, while its southern counterpart relies on a variable franchise tax. New York City Mayor Zohran Mamdani has come out in defense of the city's tax policies, but the contrast is drawing attention from business leaders and economists who argue that Texas's approach is more favorable to corporations. As the two cities compete for business and talent, the tax debate is set to intensify, with implications for the financial sector and the broader economy."

Financial institutions in New York City pay a 9% corporate tax, unlike in Texas, where they are levied a variable franchise tax. New York City Mayor Zohran Mamdani has defended taxes on corporations, ...