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   DealBook: The capitalism election?
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   Also, Wall Street’s Mamdani dilemma.
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             November 5, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. There is so much to unpack about last night’s election results; we dive into all of it below. Clearly Democrats won big all around the nation, perhaps as a repudiation of sorts of the Trump administration. Having said that, the victory by Zohran Mamdani raises new questions about whether his success will spur other Democratic candidates to go farther left and become more populist.
         </span>
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          It also raises enormous questions for New York City — the capital of capitalism is set to be led by a democratic socialist — and perhaps for the future of American capitalism more broadly. Amid growing inequality and an affordability crisis, will Americans turn toward socialism, or is this just a politically idiosyncratic moment? Many corporate leaders have warned that businesses and wealthy individuals would leave the city if he won, and we will be watching to see whether that actually happens.
         </span>
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         <span style="font-style:italic">
          Also: Gov. Gavin Newsom’s political career got a boost last night, and we’ve got some thoughts on the role of prediction markets. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
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          )
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            <img alt="Zohran Mamdani is seen raising his left hand in a victorious salute as his wife, Rama Duwaji, looks on smiling." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F05%252Fmultimedia%252F05db-mamdani-bthf%252F05db-mamdani-bthf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjIzNDk1NjkuNDc4NzczNn0:1vGdd3:WB2QAx4nOj47GfZGxlhPzETarSN_FYwXtk7ZJXpgl24" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Zohran Mamdani is set to become New York City’s youngest mayor in more than a century.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Amir Hamja for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The election takeaways
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday’s election results were awash in blue, as Democrats won major contests across the nation, including in New York City and California.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The winners — like Zohran Mamdani, Representative Mikie Sherrill, Abigail Spanberger and Gov. Gavin Newsom — may reflect different parts of the political spectrum. But their victories also represent pushback to parts of President Trump’s agenda.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What to know:
         </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mamdani
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                handily beat Andrew Cuomo and Curtis Sliwa, the Republican, in New York’s mayoral race, overcoming widespread opposition from the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                city’s business elite
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Newsom’s plan to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                redraw California’s congressional district lines
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Democrats’ favor won significant support.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sherrill
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                decisively defeated Jack Ciattarelli, whom Trump endorsed, in the New Jersey governor’s race.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Spanberger
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                beat Lt. Gov. Winsome Earle-Sears and will become Virginia’s first female governor.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The results reflect Democratic anger at Trump:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The California redistricting plan, Proposition 50, was explicitly aimed at efforts by Trump and Republican allies to rejigger state maps in the G.O.P.’s favor.
               </span>
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             </ul>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mamdani mentioned Trump by name eight times in
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                his victory speech
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , pledging to stand up for immigrants and unions.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sherrill made opposing Trump a centerpiece of her campaign, seizing on the president’s announcement that his administration had “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                terminated” construction
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on a $16 billion tunnel connecting New Jersey and New York meant to help her state’s commuters.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Spanberger’s big margins came in large part from Washington suburbs that have been hugely affected by the government shutdown.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, political observers (and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump himself
         </a>
         <span>
          ) noted that Republican turnout was most likely lower in part because the president himself wasn’t on the ballot. Trump also suggested that the shutdown, having entered
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a record 36th day
         </a>
         <span>
          , weighed on voters.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Affordability was a common theme.
         </span>
         <span>
          The higher cost of everyday life — including rent, electricity and groceries — was a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          message shared by Mamdani, Sherrill and Spanberger
         </a>
         <span>
          , Politico notes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Democratic Party officials see it as a potentially winning message against Republicans in midterms next year, hoping to link the costs of Trump’s trade war and other policies to voters’ fears about their pocketbooks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The California win may also bolster Newsom’s prospects for a presidential run.
         </span>
         <span>
          The governor, who raised more than $100 million in support of Proposition 50 from backers including the billionaires Reed Hastings, Michael Moritz and George Soros, has emerged as a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          leading standard-bearer
         </a>
         <span>
          for Democrats.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Prediction markets again nailed the results.
         </span>
         <span>
          Bettors on Kalshi and Polymarket yesterday wagered heavily on Democratic wins, even as some polls had suggested tight races in New Jersey and Virginia.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last night’s results will probably further bolster the sites’ reputations as mostly reliable political predictors.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investor jitters hit Big Tech and crypto.
         </span>
         <span>
          Markets in Asia and Europe were down today, as were futures in the tech-heavy Nasdaq, amid worries about sky-high valuations for artificial intelligence-related stocks. A sell-off in chip companies including Samsung Electronics, Advantest and TSMC — all suppliers to Nvidia —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wiped out $500 billion in combined market value
         </a>
         <span>
          , while shares in SoftBank, which has bet heavily on A.I.,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fell 10 percent
         </a>
         <span>
          . Crypto also plunged, with Bitcoin
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dropping below $100,000
         </a>
         <span>
          yesterday for the first time since June.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump administration nears deals with makers of obesity drugs.
         </span>
         <span>
          Federal officials have been negotiating with Eli Lilly and Novo Nordisk to sell doses of some of their obesity drugs
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on TrumpRx.gov for $149 a month
         </a>
         <span>
          , The Wall Street Journal reports, with an announcement set for tomorrow if deals are reached. Novo Nordisk today
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lowered its growth outlook
         </a>
         <span>
          for the year, citing price competition. Separately, Novo Nordisk and Pfizer
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised their bids
         </a>
         <span>
          for the weight-loss drug developer Metsera.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          JPMorgan Chase says it’s being investigated over debanking claims.
         </span>
         <span>
          The bank disclosed in a regulatory filing that it was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          answering inquiries
         </a>
         <span>
          from government officials and others after President Trump ordered banking regulators to review cases in which banks were accused of discriminating against conservative customers. Trump has accused both JPMorgan and Bank of America of refusing his business after his defense of those who attacked the Capitol in 2021.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          An Elon Musk ally is nominated again to run NASA.
         </span>
         <span>
          Trump renamed Jared Isaacman to lead the space agency after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pulling his nomination in June
         </a>
         <span>
          after the president had a falling-out with Musk. Isaacman, a billionaire entrepreneur who led two private missions to orbit on rockets from SpaceX, has contributed to Democratic candidates, which reportedly also upset Trump.
         </span>
        </p>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Business leaders respond to Mamdani’s win
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spent millions
         </a>
         <span>
          in a failed effort to derail Zohran Mamdani’s rise to power.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now that the 34-year-old democratic socialist has been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          elected New York’s youngest mayor
         </a>
         <span>
          in more than a century, many of the city’s business leaders are bracing for what’s next.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The reaction falls into three camps:
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Keep up the fight:
         </span>
         <span>
          Many on Wall Street view Mamdani’s progressive politics — including taxing the rich and big corporations — as bad for business. Others fear that Mamdani’s past criticism of the city’s police will negatively affect public safety,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          making it harder for businesses
         </a>
         <span>
          to recruit and maintain staff in the city.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some states are watching the potential fallout. The Florida Council of 100, a pro-business group, is set to release a statement this morning, a draft of which was viewed by The Times. The statement targeted to New York executives by promoting the state’s “pro-growth environment and a commitment to opportunity.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Mamdani’s criticism of the Israeli government and the prospect of landing on President Trump’s enemies list are also chief worries.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          turning their attention to Albany
         </a>
         <span>
          . “Guys like me are definitely seriously considering” lobbying state lawmakers to limit the Mamdani agenda,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Modiano
         </span>
         <span>
          , a managing director at Thales Capital, told The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Others vow to oppose single issues, like Mamdani’s plan to open city-run grocery stores. “Just because he campaigned on it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          doesn’t mean he’ll be able to implement it
         </a>
         <span>
          ,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Schwartz
         </span>
         <span>
          , the director of the New York Association of Grocery Stores, told Reuters.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sound the alarms:
         </span>
         <span>
          Some real estate executives say Mamdani’s rent-freeze plan could backfire. “You’re just going to have a lot less attraction of people to build the housing that we need, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Zohran acknowledges that we need so desperately
         </a>
         <span>
          ,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kenny Burgos
         </span>
         <span>
          , the C.E.O. of the New York Apartment Association, a trade group that represents building owners and managers, told Fox Business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Extend an olive branch:
         </span>
         <span>
          Several business leaders had warned that a Mamdani win would lead to an exodus of the city’s wealthy to lower-tax states, but those predictions have quieted recently. The mood seemed to improve after several prominent New Yorkers, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jamie Dimon
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mike Bloomberg
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spoke with Mamdani
         </a>
         <span>
          in the final weeks of the campaign to discuss the city’s most pressing issues.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since then,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jane Fraser
         </span>
         <span>
          , the C.E.O. of Citigroup, the billionaire crypto investor
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mike Novogratz
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ralph Schlosstein
         </span>
         <span>
          , a co-founder of BlackRock, are among those who have thrown
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tacit support behind Mamdani
         </a>
         <span>
          , according to Bloomberg. “I do care deeply about the city, and I’m not going anywhere, whoever the mayor is. I’m going to do whatever I can to help be successful,” Schlosstein said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Ackman
         </span>
         <span>
          , a fierce Mamdani critic who helped bankroll Andrew Cuomo’s failed mayoral bid, seems to be throwing in the towel. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Congrats on the win
         </a>
         <span>
          ,” he wrote on X. “Now you have a big responsibility. If I can help NYC, just let me know what I can do.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Today’s first-time buyers are building less housing wealth and will likely have fewer moves over a lifetime as a result.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Jessica Lautz
         </a>
         <span style="font-style:italic">
          , an economist for the National Association of Realtors, on a potentially momentous new development: The median age of first-time American house buyers has hit 40, as younger people are increasingly priced out of the market. The trade group has called on lawmakers to adopt policies to bolster housing supply and bring costs down.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Mamdani’s other tax gambit
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zohran Mamdani won on a promise to combat New York’s rising cost of living by providing more affordable housing, fast and free buses and universal child care. Funding that agenda rests on taxing the wealthiest New Yorkers and the largest corporations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A lot of attention has gone to Mamdani’s plan to raise taxes 2 percent on New Yorkers making more than $1 million a year. Niko Gallogly has the run down on the other half of his plan: raising New York’s corporate tax rate to 11.5 percent.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          First, some context:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                New York’s 7.25 percent corporate tax rate is already the 17th highest in the nation. Some corporate taxes in the state are higher than in all
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                neighboring states
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and other major states like California and Illinois. Business havens like Nevada and Texas have a 0 percent rate.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mamdani’s proposed rate hike would tie New York with New Jersey for the highest corporate tax rate in the country.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mamdani has argued that President Trump’s 2017 tax cuts slashed federal corporate taxes to 21 percent from 35 percent, which would theoretically allow corporations to pay more in state taxes. His
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                campaign
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                estimates the move would generate about $5 billion in annual revenue
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Executives say Mamdani’s plan would make New York less competitive.
         </span>
         <span>
          Julie Samuels, the president and C.E.O. of the industry group Tech:NYC, told DealBook that the possibility of higher corporate taxes was raising “a lot of concern across business leaders.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While companies are unlikely to flee en masse if the proposal becomes policy, the departure of some New York firms during the pandemic, including the investment firm Elliott Investment Management, underline the possibility that some may go. Businesses could also respond by growing head count outside Manhattan, where they can pay lower wages and taxes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ultimately, a corporate tax hike isn’t up to Mamdani.
         </span>
         <span>
          The plan requires approval from the State Legislature and Gov. Kathy Hochul, who has said she does not intend to increase taxes, but is up for re-election and faces a primary challenge from the left. For business leaders, “all eyes will be on Albany,” Samuels said.
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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                Yum! Brands said it was
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                exploring strategic options
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                for its struggling Pizza Hut chain, including a sale. (NYT)
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                cleared Google’s $32 billion deal
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                to buy the cybersecurity firm Wiz. (Bloomberg)
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                One of the largest shareholders in Victoria’s Secret, the Australian investment firm BBRC International, called for the
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                to end the government shutdown. (WSJ)
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                “
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                ‘Complete cowardice’
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                : Why Big Business sat out the tariff legal fight” (Politico)
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                Norway’s Parliament moved to prevent the country’s $2.1 trillion sovereign wealth fund from
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                having to sell its stakes
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                in Alphabet, Amazon, Microsoft and others over the companies’ work for the Israeli government. (FT)
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                ‘Anti-Woke’ University of Austin
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                ” (WSJ)
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