"Corporate Tax Showdown: New York City's 9% Rate vs. Texas' Variable Franchise Tax. As the debate over corporate taxation continues to simmer, New York City Mayor Zohran Mamdani is standing firm on the city's 9% corporate tax rate. But how does this compare to neighboring states, like Texas, which levies a variable franchise tax? Critics argue that New York City's high tax rate is driving businesses away, while supporters claim it generates much-needed revenue for city services. As the city grapples with budget constraints and economic growth, the question remains: is New York City's corporate tax rate too high, or is it a necessary evil?"
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, ...
