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

"Battle for Business: New York City's Corporate Tax Rate Sparks Debate with Texas A stark contrast in corporate taxation has emerged between New York City and Texas, with the Big Apple imposing a flat 9% corporate tax rate, while the Lone Star State levies a variable franchise tax. The disparity has become a focal point in the ongoing debate over the role of taxes in attracting and retaining businesses. New York City Mayor Zohran Mamdani has come out in defense of the city's tax regime, arguing that it is a necessary revenue stream to fund essential public services. However, critics argue that the higher tax rate in New York City could be a deterrent for businesses looking to relocate or expand in the state. As the economic tug-of-war between these two major economic hubs continues, what are the implications for businesses, taxpayers, and the local 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, ...