Where is the nyse threatening to move

Some of our customers are already asking about our willingness to relocate. Senior New York state legislators have signalled interest in enacting a tax on stock sales to address a dire budget shortfall amid the coronavirus downturn. However, officials from the administration of New York governor Andrew Cuomo have signalled they oppose such a measure. New York's budget director, Robert Mujica, recently suggested a transactions tax would be fruitless for New York because it would drive the business out of the state.

Cunningham last week co-signed a letter from some 25 securities industry leaders criticising taxes on stock trades. The president of the New York Stock Exchange NYSE claims that she may be forced to move trading operations to a more tax-friendly locale if the state legislature imposes a stock transfer tax, according to an op-ed published yesterday in The Wall Street Journal.

She pointed out that the securities industry generated 18 percent of state tax collections last year. However, that share could decline significantly if a new stock transfer tax drives firms away from the city. Most of our employees live in the region. We own homes, eat at restaurants, and pay our taxes in New York.

We all want the city and state to emerge from the pandemic stronger than ever. The last thing we want to do is leave a place we love, especially because of a flawed policy. While the primary tax burden would fall on the wealthy—as is probably intended—all investors would see lower portfolio values because of the decrease in asset prices. Restricting high frequency trading, moreover, can reduce liquidity, locking in investors as share prices fall. As leading exchanges prepare to conduct a test of their server capacity elsewhere, New Jersey lawmakers may be forced to rethink the viability of their proposal.

The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work? We work hard to make our analysis as useful as possible. Would you consider telling us more about how we can do better? An excise tax is a tax imposed on a specific good or activity. Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and make up a relatively small and volatile portion of state and local tax collections.

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