Will The New York Stock Exchange Leave New York?

 

Forbes: New York Stock Exchange Threatens To Leave New York Over Proposed Stock Transfer Tax 

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.