Ed. note: Welcome to our daily feature, Quote of the Day.
If you’re a New York lawyer, between federal, state and local taxes, you’re already paying over 50 percent of earnings in taxes. At some point, taxes get so much, people say it’s not worth it. I could move to Florida.
It should lead a lot of Big Law to say ‘this is an election I really care about, because it matters for my firm and business.’ There are a lot of people who are waking up and saying, ‘What’s happening to our city?’
— Jon Henes, a former Kirkland & Ellis partner who was Kamala Harris’s finance chair during the 2020 Democratic primary, in comments given to the New York Law Journal, on the “wake up call” that Zohran Mamdani’s surprise victory in the Democratic primary for mayor of New York City represents for lawyers in the Big Apple. Mamdani has proposed increasing the corporate tax rate to 11.5%, and introducing a 2% tax on amounts exceeding $1 million for those who earn over that amount.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.