The State legislation votes for taxes, and the New Jersey House and Senate has been solidly Democrat since the 1960’s. Happy to help.
New Jersey can't justify financial transaction tax: This is an op ed piece from the former chairman of the US Commodity Futures Trading Commission and has from good points in it: https://www.northjersey.com/story/o...financial-transaction-tax-opinion/3474505001/ Rather, a transaction tax would limit trading liquidity, the diminishment of which in key markets and at critical times caused in part by mis-calibrated bank capital rules is far more responsible for flash crashes than the activities of HFT trading. For this reason, imposition of a financial transaction tax is detrimental to the healthy operation of US financial markets, which have long outpaced overseas markets burdened with such taxes. Let’s let other countries tax capital investment and constrain economic growth. Instead, let’s keep the United States as the world’s premier forum for efficient capital and risk allocation with the benefit of new business formation and job creation it provides. Let’s make New Jersey’s state motto, "Liberty and Prosperity" a rallying cry for the broad national recovery we so much need. And another piece: Financial transaction tax is wrong for NJ: https://www.northjersey.com/story/o...financial-transaction-tax-opinion/3474505001/
Just in: NJ Won't push for tax on stock trades: https://newjerseyglobe.com/governor/n-j-wont-push-for-tax-on-stock-trades/ A tax on stock trades floated by Gov. Phil Murphy is off the table as part of a 2021 budget deal that will include a millionaires tax and a middle class tax cut, the New Jersey Globe has learned. Murphy and legislative leaders have agreed that there will be no further consideration of a proposal to impose a quarter-of-cent tax on every electronic financial transaction. The decision to drop the transaction tax — at least for now –comes five days after the Wall Street Journal reported that the New York Stock Exchange was threatening to move its data center out of New Jersey if the tax plan was adopted. Many of the major U.S. stock exchanges run their electronic trading systems out of New Jersey. From September 28 to October 2, the NYSE is going to run their smallest of five exchanges out of a backup site in Chicago. The timing of the test is significant, since the state budget must be passed by September 30. Legislation sponsored by Assemblyman John McKeon (D-West Orange), the chairman of the Assembly Financial Institutions and Insurance Committee, would have imposed the tax on individuals or businesses that process 10,000 or more electronic financial transactions annually. Murphy did not include the idea in his current budget, but said he was open to supporting it. Sources told the Globe that concept of a tax on stock trades is not permanently dead. The New Jersey Globe first reported today that Murphy and the legislative leadership had agreed to a millionaires tax and a middle class tax cut of $500 for about 650,000 families.
So they’re testing out servers in Chicago. Which is a temporary fix because if New Jersey passes a financial transactions tax then Illinois almost certainly will because they’re just as poorly mismanaged as possibly even more financially desperate. The financial industry will have to move their servers and HQ to a red state if they want to be free of political encumbrances.
It’s true. All the traders and investment bankers are required to move. three sky scrapers worth of people are being relocated.
Most of us blue folks would love to see a huge block of light red folks take back the Republican party from the dark red batshit crazy people running it now. That doesn't sound like a bad thing at all to me, and if it happens in Texas then all the better.