Mamdani Panics as FedEx Moves Its Entire $900 Million Hub to New Jersey

Mayor Zohran Mamdani took office promising to freeze rents, fund free childcare, and open city-run grocery stores—paid for by pushing New York's corporate tax rate up to match New Jersey's, plus a surcharge on income over a million dollars. In this breakdown, we examine why that plan carries a structural flaw its own backers have struggled to explain: because New York City stacks its own corporate levy on top of the state rate, matching New Jersey's headline number actually leaves companies in Manhattan paying close to double what they'd pay across the river. Andrew Cuomo made that math public on live television, and the pattern was already visible before Mamdani took office—Goldman Sachs building a new campus in Dallas, JPMorgan employing more people in Texas than New York, and the NYSE itself expanding into Texas. We also look at how the revenue math behind the plan may not hold up. Analysts at the Cato Institute estimate the promised five billion dollars in new corporate tax revenue could really be closer to half that once top-rate mechanics are accounted for, and note that the tax in question flows to the state, not directly to city coffers. Meanwhile, Connecticut's Democratic governor, Ned Lamont, has publicly acknowledged the risk of Wall Street jobs leaving New York under the plan. Perhaps most striking is a figure from the Empire Center: under Mamdani's proposal, the top one percent of filers would generate more than sixty percent of the city's income tax revenue—concentrating the fiscal foundation of these programs on precisely the households with the greatest financial incentive, and mobility, to relocate. This video traces how a policy built around affordability may ultimately depend on the continued presence of the very people it gives the strongest reasons to leave. Turn on notifications to stay updated! 🔔🔔🔔