His tax increases would raise the top New York City personal income tax rate by a little over 5 percent and the top New York City corporate income tax rate by around 45 percent. AdvertisementIf NYC implements the Mamdani-proposed tax increases, a wealthy NYC resident would face a total federal, state and city tax burden of a whopping 53.836 percent. Wealthy taxpayers in the United States can and do move from high tax states to low tax states. When a taxpayer moves from New York to Miami, that taxpayer is simultaneously fleeing both New York City and New York state. Two hundred New York taxpayers pay 6.3 percent of total New York State income taxes (about $4.0 billion).