Zohran Mamdani, winner of the Democratic primary in NYC, has unveiled plans to raise corporate taxes across the board. He aims to require all companies operating in New York—regardless of where they’re headquartered—to pay a corporate tax rate equivalent to New Jersey’s 11.5%, arguing that businesses shouldn’t be able to avoid taxes by relocating elsewhere.

Mamdani also proposes a 2% income tax increase on New Yorkers earning over $1 million, estimating it would generate $10 billion to fund his policy agenda.