Mamdani’s win has tax clients eyeing the South

Tax practitioners are urging businesses and wealthy entrepreneurs to exercise caution before making good on campaign-season threats to leave New York City, as Mayor-elect Zohran Mamdani must win state leaders’ approval to realize his proposals for higher taxes, Daniel Moore reports.

The mayor-elect’s call for higher statewide corporate rates and a millionaire’s tax to pay for an affordability agenda have spurred companies and high earners to map out their escape plans with accountants and lawyers in recent days.

Clients have expressed frustration with the incoming democratic socialist mayor’s economic proposals and what they see as the broader vilification of wealthier ...