Tax Policy & Economic Impact - Proposed tax increases on the top 1% of New Yorkers (earning $1 million+) by 2% and corporations to match New Jersey's top corporate tax rate of 11.5% from 7.25% [6][7] - Concerns exist that raising taxes could lead to wealthy individuals and businesses leaving New York City, potentially reducing the tax base [1][2] - Citizens Budget Commission found hundreds of thousands of high-income New Yorkers have left New York City in the past 5 years [2] - Households earning over $1 million pay approximately 40% of New York City taxes [2] - Fiscal Policy Institute analysis suggests the top 1% of New Yorkers leave at 1/4 the rate of other income brackets, often moving to other high-tax states like New Jersey [4][5] Government & Community Engagement - The aim of increasing taxes is to improve the quality of life for all residents [4] - The government intends to engage with business leaders and address their concerns regarding the proposed tax changes [3][7] - The goal is to lead an entire city of 8.5 million people, not just those who voted for the campaign [3]