Democrats pitch 25% NYC ‘surcharge’ on corporations

(The Center Square) — New York City Mayor Zohran Mamdani’s Democratic allies in the state Legislature are pushing for a new double-digit tax on big corporations to fund his leftist agenda.

A proposal filed by a group Assembly Democrats would authorize New York City to charge a surcharge of up to 25% on corporate taxes “should the mayor and City Council deem this necessary and appropriate” to approve.

The legislation was filed by Assemblywoman Diana Moreno, a democratic socialist who was elected to fill Mamdani’s Queens Assembly seat after he ran for mayor. In a summary of the bill, Moreno and co-sponsors said the revenues generated from a new corporate tax “could contribute to addressing the affordability crisis and strong public services for residents of the city.”

“New York City is home to dozens of Fortune 500 companies. Yet, for corporations with over $5 million in annual profi...