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1 week agoJPMorgan Chase to likely keep shrinking NYC workforce, CEO Dimon says
JPMorgan Chase is reducing its workforce in New York City due to high corporate taxes while expanding in Texas.
According to the text that has now been adopted, the budget deficit is to be reduced to 5% of gross domestic product. There will be higher taxes on some businesses, including an extra tax on large companies' profits, which is expected to bring in around 7.3 billion ($8.6 billion) in 2026. The plan also boosts military spending by 6.5 billion, a move the premier last week described as the "heart" of the budget.
I asked him and some of his advisers if there were cities that had pulled this off that New York could emulate, places that had managed to meaningfully lower the cost of living. None sprang to mind," the article stated.
"Although it seems less likely to be part of this year's tax and spending cut package, President Trump's promise to lower corporate taxes could reduce the value of Low Income Housing Tax Credits [in California] by roughly 5 percent, or $250 million," said Matt Schwartz, the president and CEO of the California Housing Partnership, which helps affordable housing developers across the state.