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

"Taxing the Big Apple: New York City's Corporate Tax Rate vs. Texas' Variable Franchise Tax A growing debate is brewing in the financial hubs of New York City and Texas, as the two cities' approaches to taxing corporations continue to draw attention. While New York City imposes a flat 9% corporate tax, Texas levies a variable franchise tax that can range from 0.2% to 2.5% of a company's total value. The differing tax rates have sparked a discussion about the competitive balance between the two financial powerhouses, with New York City Mayor Zohran Mamdani recently defending the city's corporate tax as a necessary measure to fund public services. As the financial industry continues to shape the economic landscape, the tax disparities between these two major cities are under the spotlight."

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, ...