NYSE threatens to move out of New York City due to proposed tax

kmiklas

kmiklas

Seeking Alpha said:
a proposal to impose a tax on certain financial transactions
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Forbes said:
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.
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Are we Traders about to be hit with NYSE fees to pay for NYC taxes on trades? :mad:

They should move to New Jersey!!!

NYSE threatens to move out of New York City due to proposed tax (NYSE:ICE) | Seeking Alpha

New York Stock Exchange Threatens To Leave New York Over Proposed Stock Transfer Tax (forbes.com)
 
Another episode of taxes have consequences.

"The company is also seeking sunnier climes by opening a satellite hub in Florida, in the wake of numerous hedge funds which have also decided to flee the tri-state area an its income taxes, opting for state tax-free Florida instead. Virtu has already built up its presence in Austin, Texas - a state that’s considering legislation to ban financial-transaction taxes to attract stock exchanges and financial firms, said Cifu, citing discussions with Texas Governor Greg Abbott."

https://www.zerohedge.com/markets/h...ns-leave-ny-if-foolish-transaction-tax-passed

Smart move for Texas. Treat business well in order to get more business. What a concept.
 
Yup. When they went electronic not a lot of floor brokers/market makers still employed, so not like they have to worry about many jobs to relocate. Which in turn also meant more profits for the C Suite folks and big shareholders, so why should people of NYC look for their share? All they did for 150 years is build the place.

Giants and Jets got away with moving across the river and still calling themselves NY.

NYSE move to Texas nah.

Smarter move would be a compromise - that thing that doesn't happen very much anymore.
 
Eliminate oil wells/cows and ya got nothing but space. Oh ok a couple of brains down in Austin which the "wings" don't care for

Then there's Alex Jones lol.
 
SunTrader said:
why should people of NYC look for their share? All they did for 150 years is build the place.
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And NYC has handsomely benefited from the exchanges as well.
When trading is electronic, increasing number of listings are international and so are the traders. What business is to NYC to grab a tax on shifting a few bytes of data?

Why not tax all internet traffic then, a fee per GB?
 
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