The New York Stock Exchange warned Tuesday that it may leave the state if the legislature imposes a tax on stock transfers, escalating a fight with Democrats who argue the move would help address a historic budget shortfall.
KEY FACTS
* “If Albany lawmakers get their way. . . the center of the global financial industry may need to find a new home,” NYSE President Stacey Cunningham wrote in a Wall Street Journal op-ed. Last Wednesday, Cunningham and more than 25 other representatives of the securities industry wrote to state legislative leaders to caution against a proposal to place a tax on certain financial transactions, including from investment banks and hedge funds.
* The tax proposal, which would apply to transfers of stocks, bonds, and derivatives, comes as Albany faces a sharp decline in revenue because of the coronavirus pandemic.
* Democrats behind the bill said it would help make up for lost revenue and denied that the NYSE would need to move if it were passed.
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Update #1: NYSE chief warns it may exit New York if stock transfer tax is imposed (Reuters)
Update #2: NYSE threatens to abandon New York if trading is taxed (AFP)
WNU Editor: I do not understand why people/companies/and organizations with wealth are staying in states like New York, New Jersey, California, etc.. There is a massive anti-business/anti-capital sentiment in these state houses, and there are no signs that it will get better.
