Two professional football teams left New York for another state – but the New York Stock Exchange? That is a possibility if the Empire State imposes a transfer tax on stock sales, according to the exchange’s president.
In a Tuesday op-ed in The Wall Street Journal, NYSE President Stacey Cunningham said she and 25 other representatives of New York’s securities industry sent a letter to state legislative leaders warning against the unintended consequences of imposing such a tax.
“The New York Stock Exchange belongs in New York,” Cunningham said. “If Albany lawmakers get their way, however, the center of the global financial industry may need to find a new home.”
New York state lawmakers introduced a bill that would tax certain financial transactions. Although state revenue has suffered due to the COVID-19 pandemic, the proposed new transaction tax seemed to have little support from Gov. Andrew Cuomo or his officials.
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