Lawmakers in New York and New Jersey simply won’t be happy until they oust Wall Street businesses from the area, taking their jobs and tax revenues with them.
The proposed share transfer taxes in the two states have already prompted the New York Stock Exchange, Nasdaq and other powerful players to come together to form the Coalition To Prevent the Taxing of Retirement Savings and to actually test the viability of relocation elsewhere.
The Nasdaq is already meeting with Texas Governor Greg Abbott to discuss new data center operations in Dallas.
Businesses are unwilling to budge, but are worried about the possibility of rising costs and cost-concerned customers, a spokesperson said.
Three bills in New York would reinstate a long-dormant title transfer tax. Businesses must keep a record of the tax, but the government gives buyers and sellers a full refund.
Two of the three invoices would lower that discount, but retain an exemption for sales made to out-of-state servers. The third would be eliminate the return donation and tax out-of-state transfers if they had a connection in New York so that Gotham exchanges cannot escape direct debit by using out-of-state servers; they have to move physically to remain competitive.
The New Jersey bill, meanwhile, would not only harm the Garden State, but the Empire State as well, because that would tax sales (a quarter of a cent for each) processed by major Jersey companies, including transactions from the New York Stock Exchanges, most of which process transactions in Jersey. The tax is supposed to make Jersey $ 10 billion a year, but only if the exchanges don’t relocate their data centers to avoid the tax, which is not likely.
Upshot: In their shortsighted attempt to generate new revenue, these bills could lead to stake in the heart of Wall Street and end up costing both states a fortune in lost tax revenue.
Surely this is the last thing New York City needs, with the securities industry accounting for 17% of state tax revenue and 6% of cities and towns and states facing severe cash flow crises.
Local lawmakers must take this threat seriously. They cannot afford to hunt the stock exchanges, or other financial services companies, with self-defeating tax hikes. Ditto for Washington: the new taxes on the financial sector will only push it abroad, not help anyone in America.
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