Well that was predictable. ICE reports 2019 net revenues of $5.2B for all of its trading exchanges. Democrat Politico wants the State of New Jersey to tax ICE $10B annually. And that’s just for the courtesy of having servers located there, mind you. What could go wrong?
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?
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.
fuck the democrats and their ftt ... VOTE Republican or no more daytrading seriously you can expect huge tax increases if Pelosi/Biden/Harris win Epic clusterfuck for us all. tell a friend
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.
Don't assume the Feds are morons - there are all kinds of ways to make it geography neutral. Structure it as a clearing fee, regulatory fees like ORF or a dozen other ways.
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.