{"id":5183,"date":"2026-04-30T11:53:55","date_gmt":"2026-04-30T11:53:55","guid":{"rendered":"https:\/\/stock999.top\/?p=5183"},"modified":"2026-04-30T11:53:55","modified_gmt":"2026-04-30T11:53:55","slug":"nyc-small-businesses-face-strain-under-mamdanis-proposed-tax-credit-cut","status":"publish","type":"post","link":"https:\/\/stock999.top\/?p=5183","title":{"rendered":"NYC small businesses face strain under Mamdani’s proposed tax credit cut"},"content":{"rendered":"

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FOX Business’ Gerri Willis reports NYC Mayor Zohran Mamdani is pushing new taxes on businesses and the wealthy to close a growing budget gap.<\/p>\n

New York City Mayor Zohran Mamdani\u2019s latest effort to close a widening budget gap is intensifying concerns among business leaders, as his proposal to scale back a key tax credit threatens a broad range of companies that rely on it to remain competitive.<\/p>\n

FOX Business\u2019 Gerri Willis joined “Varney & Co.” host David Asman to report on the proposal, which would reduce the pass-through entity tax (PTET) credit, used heavily by small- and mid-sized businesses, to help generate revenue for the city.<\/p>\n

New York City Mayor Zohran Mamdani delivering remarks at a rally in NYC. (Selcuk Acar\/Anadolu \/ Getty Images)<\/p>\n

The PTET credit was introduced as a workaround to federal limits on state and local tax deductions (SALT) and has since become a financial lifeline for many businesses structured as S corporations and LLCs. Critics argue cutting it risks undermining those firms at a time when economic conditions remain uncertain.<\/p>\n

O\u2019LEARY SLAMS NYC TAX PLAN AS \u2018SHEER BLIND STUPIDITY,\u2019 DEFENDS WEALTHY INVESTORS<\/p>\n

“Many states implemented a pass-through entity tax because many businesses file via the S corp or LLCs. And this became a workaround to keep them competitive,” Partnership for NYC President and CEO Steven Fulop said. “In a time where the economy is fragile in New York City, we’re saying just be cautious on these sort of things.”<\/p>\n

Economist Steve Moore criticizes the ‘tax the rich’ agenda and ‘tax tyranny’ in blue states on ‘The Bottom Line.’<\/p>\n

The proposal is part of a broader push that includes higher income, property and corporate taxes, raising concerns about long-term economic stability and business retention.<\/p>\n

TAX FIGHT HEATS UP AS NEW YORK TARGETS WEALTHY HOMEOWNERS<\/p>\n

Gristedes CEO John Catsimatidis warned that the impact could extend beyond top earners, noting middle-income professionals and small-business owners could feel the strain.<\/p>\n

O’Leary Ventures Chairman Kevin O’Leary weighs in on the dispute between New York City Mayor Zohran Mamdani and Citadel CEO Ken Griffin on ‘Varney & Co.’<\/p>\n

“The people that make $300, $400, $500,000 a year, they are the ones… They have an option. They get up and leave,” Catsimatidis said during an appearance on “Varney & Co.” “You can’t destroy the real estate industry… In London, it\u2019s been destroyed\u2026 If you do the same thing in New York that is a disaster.”<\/p>\n

As policymakers weigh competing approaches, the outcome could shape how attractive New York remains for businesses navigating rising costs and fiscal uncertainty.<\/p>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/p>\n

#NYC #small #businesses #face #strain #Mamdanis #proposed #tax #credit #cut<\/p>\n","protected":false},"excerpt":{"rendered":"

FOX Business’ Gerri Willis reports NYC Mayor Zohran Mamdani is pushing new taxes on businesses…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[954,2535,787,3182,10545,2331,1468,18,2359,227],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/5183"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5183"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/5183\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}