UPDATE 1-NYSE indicates it will exit New Jersey if state taxes stock trades - memo
- Thread starter Banjo
- Start date
This push for a transactions tax is like a modern day witch hunt. The mob could care less if the numbers make sense. They are out for blood.
Except that what these politicians are asking for (192% of revenue) would make the real ‘Mob’ blush.
It’s probably rule number one in the protection extortion rackets to allow your victims enough breathing room to survive.
What idiots. Who TF thinks that they can tax a server farm at such a rate as to make up 17% of the entire State budget?
It’s probably rule number one in the protection extortion rackets to allow your victims enough breathing room to survive.
What idiots. Who TF thinks that they can tax a server farm at such a rate as to make up 17% of the entire State budget?
I meant mob as in angry mob. Something like this.
It's fueled by hatred for Wall Street. It really is a burn the witch type thing with this drive for a transactions tax.
It's not just the NYSE that is threatening to leave:
https://finance.yahoo.com/news/trading-powerhouses-join-exchanges-fighting-165906308.html
Members of the newly formed coalition -- such as New York Stock Exchange, Nasdaq Inc., Citadel Securities and Virtu Financial Inc. -- are threatening to move operations out of the state if the tax is enacted.
“On Sept. 26, we will conduct a test to ensure that the industry is prepared for a move out of New Jersey should the tax pass,” the coalition, which calls itself the Coalition to Prevent the Taxing of Retirement Savings, said in a statement Friday.
https://finance.yahoo.com/news/trading-powerhouses-join-exchanges-fighting-165906308.html
Members of the newly formed coalition -- such as New York Stock Exchange, Nasdaq Inc., Citadel Securities and Virtu Financial Inc. -- are threatening to move operations out of the state if the tax is enacted.
“On Sept. 26, we will conduct a test to ensure that the industry is prepared for a move out of New Jersey should the tax pass,” the coalition, which calls itself the Coalition to Prevent the Taxing of Retirement Savings, said in a statement Friday.
Well, there are two angry mobs now. My money's on the one with a shit ton of capital and political leverage that apparently is quite willing to take it's server farm elsewhere. Apparently white guilt only goes so far.
I meant mob as in angry mob. Something like this.
It's fueled by hatred for Wall Street. It really is a burn the witch type thing with this drive for a transactions tax.
https://finance.yahoo.com/news/trading-powerhouses-join-exchanges-fighting-165906308.html
I noticed the above article has been updated with a few quotes from NJ Gov Murphy from today (Friday).
“I like conceptually the idea,” Murphy said Friday at a press conference. “I do believe personally there is enormous value to them for proximity” to New York from New Jersey.
"Murphy stressed that the tax was not imminent and the state has begun a dialog with the industry. The move would be a short-term measure to help the state through an unprecedented financial crisis. “It’s not a forever thing,” he said."
Well considering the industry is putting together plans to leave the state if need be I don't see what dialog is going to change that. I also have to laugh at him saying this would be a short term measure and it's not a forever thing. Wow just Wow.
I noticed the above article has been updated with a few quotes from NJ Gov Murphy from today (Friday).
“I like conceptually the idea,” Murphy said Friday at a press conference. “I do believe personally there is enormous value to them for proximity” to New York from New Jersey.
"Murphy stressed that the tax was not imminent and the state has begun a dialog with the industry. The move would be a short-term measure to help the state through an unprecedented financial crisis. “It’s not a forever thing,” he said."
Well considering the industry is putting together plans to leave the state if need be I don't see what dialog is going to change that. I also have to laugh at him saying this would be a short term measure and it's not a forever thing. Wow just Wow.