Talking Tax Mamdani's NYC Tax Agenda Prompts Advisers to Caution Patience
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Nov 13, 2025 Jeremy Gove, a state and local tax attorney at Eversheds Sutherland, shares insights on the tax implications of New York City Mayor-elect Zohran Mamdani's ambitious affordability agenda. He discusses the calls and emails from anxious clients after the election. Gove emphasizes the legal hurdles the mayor faces in raising taxes, cautions against hasty decisions for high-net-worth individuals contemplating relocation, and mentions the potential benefits of increased audit staff to address the Department of Finance's backlog.
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Clients Flood Counsel With SOS Messages
- Jeremy Gove described a flood of worried calls and emails from clients after Mamdani's win.
- He said clients asked urgent
Wait Before Making Big Moves
- Do adopt a 'wait and see' approach because many proposals require state approval.
- Gove counseled against making rash relocation or tax moves immediately.
Tax Competition Shapes Corporate Moves
- Raising corporate tax rates risks pushing businesses to lower-tax states competing to attract firms.
- Gove noted jurisdictions are 'racing' in opposite directions on corporate tax policy.