Under Mamdani's Proposal, Corporate Tax Rates in NYC Would Exceed Federal and Rival International Rates

Under Mamdani's proposal, corporate income apportioned to New York City would face a 23.8% combined state and city corporate income tax rate, exceeding the federal 21% rate and virtually tying the average top rate of 23.85% in OECD countries.

Notes: Corporate tax on income apportioned to New York City includes the state corporate income tax, which Mamdani proposes increasing to 11.5%, plus the MTA surcharge (an additional 30% of the state rate for income apportioned within the MTA, i.e., an extra 3.45% at an 11.5% rate), plus New York City's corporate income tax (8.85% for income apportioned to the city). With the surcharge interaction, Mamdani's proposal increases the marginal rate by 5.53%, almost as much as the median state's total rate.
Chart: Walczak Policy Consulting, The SALT Road Substack Download imageCreated with Datawrapper