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

"Tax Tussle: New York City Mayor Defends Corporate Tax Rate Amidst Texas Rivalry A growing debate is brewing in the financial capitals of New York City and Texas, with the Big Apple's Mayor Zohran Mamdani standing firm on the city's 9% corporate tax rate. In a bid to attract businesses, Texas levies a variable franchise tax on corporations, sparking a heated discussion about the merits of each approach. While some argue that lower taxes can stimulate economic growth, Mayor Mamdani and supporters of the current tax rate claim it is essential for funding essential city services and infrastructure. As the two cities compete for financial sector dominance, the tax disparity is set to become a key battleground in the battle for business and talent."

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, ...