Part 4/8:
The city’s political scene is stirring with proposals to increase taxes further. Mayor Eric Adams’ administration (referred to as Mandani in the transcript) is considering raising the city income tax by 2% for individuals earning over one million dollars annually. Additionally, there’s a move to hike corporate taxes by 4%, which could push many businesses to relocate out of New York.
Such tax hikes threaten the very fabric of the city’s economy. Small businesses, essential to the city’s vitality, might find it impossible to survive under the weight of rising taxes, prompting entrepreneurial exits. As more residents and companies leave, the city’s tax revenue ultimately diminishes, creating a vicious cycle of decline.