Fact Check: Mamdani wants to raise corporate tax rates to match New Jersey's.

Fact Check: "Mamdani wants to raise corporate tax rates to match New Jersey's."

What We Know

Zohran Mamdani, a Democratic Socialist candidate for mayor of New York City, has proposed significant tax increases as part of his campaign platform. Specifically, he aims to raise the corporate tax rate in New York from 7.25% to 11.5%, which would align it with New Jersey's corporate tax rate. This proposal is part of a broader tax strategy that includes a 2% annual wealth tax on the richest 1% of New Yorkers (Washington Post, New York Post). Mamdani has stated that these tax increases are necessary to fund various social programs and improve the quality of life for New Yorkers (Real Clear Politics).

Analysis

The claim that Mamdani wants to raise corporate tax rates to match New Jersey's is supported by multiple sources. The New York Post reported that Mamdani's plan includes increasing the corporate tax rate to 11.5%, which is explicitly stated as matching New Jersey's rate (New York Post). Additionally, an opinion piece in the Washington Post highlights Mamdani's proposed tax increases, confirming the specifics of his tax plan (Washington Post).

Critically assessing the sources, the New York Post and Washington Post are established news outlets with editorial standards, though they may exhibit some political bias. The New York Post is known for its conservative editorial stance, while the Washington Post generally leans liberal. However, both sources provide factual reporting on Mamdani's proposals, making them reliable for this fact-check.

Mamdani's proposal has faced criticism from other political figures, including New York Governor Kathy Hochul, who has publicly opposed raising taxes in the current economic climate (New York Post). This opposition underscores the contentious nature of Mamdani's tax proposals and their potential implications for New York City's economy.

Conclusion

The claim that "Mamdani wants to raise corporate tax rates to match New Jersey's" is True. Mamdani has explicitly stated his intention to increase New York's corporate tax rate to 11.5%, aligning it with New Jersey's rate. This proposal is part of a broader agenda that includes additional taxes on high earners, aimed at funding various public services and initiatives.

Sources

1. Opinion | Zohran Mamdani victory is bad for New York and ...
2. Gov. Hochul rips Zohran Mamdani's proposed tax on rich
3. Zohran Mamdani: For Corporations And The Wealthy, Tax Increases I'm Proposing Are A Rounding Error
4. 2025 State Corporate Income Tax Rates & Brackets
5. NYC dem socialist Zohran Mamdani wins primary election: What is his economic agenda?
6. 'Going apoplectic': How Mamdani's victory is landing on ...
7. Soaking the rich — as Mamdani and other lefties want —won't pay for a ...