New York’s leaders are hell-bent on turning the Empire State into an economic wasteland, driving out the very businesses that keep their lights on. As companies flee to friendlier states like Florida and Texas, Albany’s response isn’t to fix what’s broken—it’s to squeeze the remaining businesses even harder for cash they desperately need to cover their own mismanagement. (Because nothing says “we care about affordability” quite like crushing the employers who provide jobs, right?)

The latest scheme brewing in Governor Kathy Hochul’s office represents a new level of economic self-destruction. Despite previously promising not to burden New Yorkers during an affordability crisis, the governor is now weighing a corporate tax policy so extreme it would cement New York’s reputation as the most hostile business environment in America. And yes, I mean that literally.

From ‘The Post Millennial’:

Mamdani has pushed for an increase in the corporate tax rate from 7.25 to 11.5 percent, which would match the highest rate in the nation.

New York Governor Kathy Hochul is reportedly considering an increase in the corporate tax rate of New York in order to cover a budget shortfall. This also comes after Hochul endorsed socialist NYC Mayor-elect Zohran Mamdani leading up to his victory. He has also made the pitch that higher taxes are needed in the Empire State.

Let me repeat that in case you missed it—eleven point five percent. I had to double-check that number myself. Think about it: an 11.5 percent corporate tax rate would tie New York with New Jersey for the dubious honor of having the nation’s highest business taxes. This isn’t just bad policy; it’s economic suicide. Companies already struggling with crime, regulations, and sky-high operating costs would face a tax burden that makes staying in New York financially impossible.

A Socialist Alliance Takes Shape

The push for this catastrophic tax hike comes from Hochul’s new political ally, socialist Mayor-elect Zohran Mamdani, who apparently views successful businesses as ATMs for his radical agenda. And get this—beyond the crushing corporate tax, Mamdani wants a $30-per-hour minimum wage and rent freezes (because apparently regular socialism wasn’t destructive enough). These policies would annihilate small businesses and drive up costs for everyone.

This unholy alliance between Hochul and Mamdani reveals how far New York has drifted from economic sanity. They’re facing a staggering $34.3 billion budget shortfall through 2029—the worst since the 2009 financial crisis—yet their solution is to punish the job creators even more. Meanwhile, productive citizens continue their mass migration to states that actually appreciate enterprise and hard work.

The Coming Exodus

History shows us what happens when politicians treat businesses like piggy banks. Companies don’t just sit there and take it—they pack up and leave. We’ve already watched Wall Street firms relocate to Miami, tech companies head to Austin, and manufacturers flee to the Carolinas. This tax hike wouldn’t just accelerate that exodus; it would turn it into a stampede.

Here’s the kicker that really gets me: Earlier this year, Hochul herself admitted, “I’m not raising taxes at a time where affordability is the big issue.” Yet here she is, ready to implement the highest corporate tax in the nation while her constituents struggle to afford groceries and rent. The hypocrisy would be laughable if the consequences weren’t so ruinous for working families who depend on these enterprises for jobs.

When businesses flee, they take jobs, tax revenue, and economic opportunity with them. The remaining residents get stuck with higher taxes, fewer services, and a declining quality of life. It’s a death spiral we’ve seen play out in cities like Detroit and states like California. Adding insult to injury, the productive citizens who remain essentially subsidize the failed policies that drove everyone else away.

New Yorkers better wake up to what’s happening in Albany before it’s too late. Their governor is about to bankrupt the companies that remain, all to fund a socialist agenda that will only make their problems worse. The Empire State is quickly becoming a cautionary tale of what happens when politicians choose ideology over economic reality. And trust me, once this exodus really gets going, there’s no putting that toothpaste back in the tube.

Key Takeaways

• Hochul is considering raising corporate taxes to 11.5%, making New York tied for the highest in the nation
• The governor previously promised no new taxes during the affordability crisis—now she’s breaking that promise
• This socialist-backed plan comes amid a $34.3 billion budget shortfall, the worst since 2009
• The tax hike will accelerate the business exodus to red states, destroying jobs and opportunity

Sources: The Post Millennial