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Proposed Stock-Transfer Tax Could Send NYSE Packing
Newsmax ^ | 9 February 2021 | Charlie McCarthy

Posted on 02/10/2021 5:02:51 AM PST by Magnatron

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.

In January, state budget director Robert Mujica said a lot of ideas around such financial taxes "haven't been fleshed out," according to a transcript provided to Reuters by an official in the New York State Division of the Budget, per the New York Post.

(Excerpt) Read more at newsmax.com ...


TOPICS: Constitution/Conservatism; Extended News; Government; News/Current Events; Politics/Elections
KEYWORDS: 2024; kag; maga; trump
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Imagine that. You get what you vote for -- something leftists can never figure out...

"Socialism/Communism hasn't worked because it hasn't been done right yet. It'll work this time, you'll see."

1 posted on 02/10/2021 5:02:51 AM PST by Magnatron
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To: Magnatron

The left hates the stock market. To them, it’s a symbol of eeeeevvvvil capitalism, which must be destroyed - it’s responsible for the “inequality” and must be replaced by communism, where everybody is poor and miserable, except for the ruling elite which is filthy rich.


2 posted on 02/10/2021 5:07:11 AM PST by I want the USA back (The nation is in the grips of hysterical insanity, as usual.)
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To: Magnatron

I hope they do it. Finance is the one sector propping up New York’s economy without which the rest would have great difficulty staying afloat. The moment that pillar is removed, the economy collapses.


3 posted on 02/10/2021 5:09:10 AM PST by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
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To: Magnatron

Good luck moving out of NY...they’ll write the laws to nail people trying that stunt.

The time to move is BEFORE they come for you, not after. I left California decades ago when I learned they had tax offices set up in Nevada and Florida to collect state income tax from retirees who worked in CA but no longer lived there*. I was young, so if I got out early, they’d have next to nothing to go after, which wound up being the case.

*the Supreme Court stopped that crap, but once the court is packed, they’ll try again - bet on it.

So now, the smarter among us understand that the choice is very simple at this point: Either stay and fight* or leave to live out your years in peace. The middle ground, of living out your years in peace in the US is over, and if you don’t believe that, just look at the caravans now swarming into the US.

*I suspect most people know that the use of the term ‘fight’ means going a bit beyond yearly $10 donations to the RNC.


4 posted on 02/10/2021 5:10:09 AM PST by BobL (TheDonald.win is now Patriots.win)
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To: Zhang Fei

Algorithmic trading, which is done by computers, can buy and sell stocks in huge quantities in microseconds. This is where the concept of flash crashes comes from. These aren’t done by humans, but by computer algorithms that have been programed to watch news sources for key indicators and then act on them. Believe it or not, those microsecond buy and sell orders are very profitable for the owners of the algos (banks) and the idea of charging a tax is to stop this from happening.


5 posted on 02/10/2021 5:10:56 AM PST by NicoDon
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To: Magnatron

Delaware Stock Exchange?


6 posted on 02/10/2021 5:13:16 AM PST by Roccus (Prima di ogni altra cosa, siate armati!)
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To: Zhang Fei

I hope they do it. Finance is the one sector propping up New York’s economy without which the rest would have great difficulty staying afloat. The moment that pillar is removed, the economy collapses.


I hope they don’t. They’ll move to FL, TX, GA or another swing state and help turn it solid blue. Yeah, no thanks.


7 posted on 02/10/2021 5:15:59 AM PST by lodi90
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To: NicoDon

[Algorithmic trading, which is done by computers, can buy and sell stocks in huge quantities in microseconds. This is where the concept of flash crashes comes from. These aren’t done by humans, but by computer algorithms that have been programed to watch news sources for key indicators and then act on them. Believe it or not, those microsecond buy and sell orders are very profitable for the owners of the algos (banks) and the idea of charging a tax is to stop this from happening.]


This is like Mad Magazine’s Spy vs Spy - multiple groups of short-term traders trying to take each other’s lunch money. I’m a buy-and-hold guy. These people provide liquidity for me. I used to have to deal with spreads of 25 cents, all the way up to $1 for certain illiquid stocks. Today, my spreads are typically under 10 cents, and typically 1 cent or 2. I like these flash traders.

The flash crashes don’t bother me. Eventually, value seeks its true level, determined by company revenues, profit margins, balance sheets and returns on equity.


8 posted on 02/10/2021 5:17:10 AM PST by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
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To: Magnatron

Fedgov is talking about taxing stock trades as well.

And NY/CA are talking about getting the IRS to collect for their states, by making it a Federal law allowing states to collect taxes from former citizens across state lines, and yes using the IRS to do so.


9 posted on 02/10/2021 5:20:08 AM PST by Thunder90 (All posts soley represent my own opinion.)
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To: Roccus

Dallas Stock Exchange


10 posted on 02/10/2021 5:20:34 AM PST by DownInFlames (Gam)
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To: Magnatron

A lot of the financial industry is moving to Jacksonville. The NYSE would be a perfect fit for J-Ville.


11 posted on 02/10/2021 5:24:48 AM PST by RoosterRedux
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To: DownInFlames

I’m not so sure . More tha 60% of the Fortune 500 are incorporated in Delaware because of its business friendly laws. It’s about more than just personal income tax.


12 posted on 02/10/2021 5:29:07 AM PST by Roccus (Prima di ogni altra cosa, siate armati!)
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To: NicoDon

[Algorithmic trading, which is done by computers, can buy and sell stocks in huge quantities in microseconds. This is where the concept of flash crashes comes from. These aren’t done by humans, but by computer algorithms that have been programed to watch news sources for key indicators and then act on them. Believe it or not, those microsecond buy and sell orders are very profitable for the owners of the algos (banks) and the idea of charging a tax is to stop this from happening.]


Interestingly enough, the Mercers who finance Breitbart are billionaires on the basis of this type of trading.


13 posted on 02/10/2021 5:32:51 AM PST by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
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To: NicoDon

It’s more insidious than you describe....

Michael Lewis the guy who wrote The Big Short about the 2008 financial crisis wrote another great book about the front running of stock trades by High Frequency Traders using nothing but computers to jump in front of other trades by milliseconds in hopes of make a profit of 1-2 cents per share, the traders can make money regardless if the stock is going up or down...

The title of the book is called “Flash Boys”, it details how these HFT firms spend millions and millions of dollars in trying to gain a 1-2 milliseconds advantage


14 posted on 02/10/2021 5:42:16 AM PST by srmanuel
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To: Roccus

“ Delaware Stock Exchange?”
***********

Anywhere but Texas. Texas is full.
Good Bless Texas 🇨🇱 ....


15 posted on 02/10/2021 5:43:16 AM PST by snoringbear (,W,E.oGovernment is the Pimp, )
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To: Magnatron

Vast majority of these POS folks VOTED for BidenIdiot.....LMAO!

Reap what you sow.


16 posted on 02/10/2021 5:46:44 AM PST by cranked
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To: I want the USA back
The left hates the stock market. To them, it’s a symbol of eeeeevvvvil capitalism, which must be destroyed

This is true for many leftists but I believe the majority of democrats and some republicans see tax and spend as an answer to all things. The idea of reducing expenses and eliminating useless departments and bureaucracy is anathema to these people. So, what does this mindset constantly pursue? They are constantly seeking how they can further pluck the goose - us being the goose. Tax stock transactions! Tap 401K and other pension accounts! Further increase gas tax! Tax air! Tax food! Tax Internet usage! Tax Republicans! Tax Christians! Tax Whites! Tax …Tax….Tax. Nothing is off the table with these people.

As the old saying goes, “Socialism works until you run out of other people’s money”.

The almost good news is that people and business can move from socialist states to less socialist states. The bad news is that when the federal government imposes socialist/communist laws & policy - there is no place to run except to another country.

17 posted on 02/10/2021 5:52:51 AM PST by JesusIsLord
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To: RoosterRedux

J ville used to be the insurance capital of the south.


18 posted on 02/10/2021 5:59:22 AM PST by Mouton (The enemy of the people is the media.)
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To: Magnatron

Theme song for leftists...

If you drive a car
I’ll tax the street
If you try to sit
I’ll tax your seat
If you get too cold
I’ll tax the heat
If you take a walk
I’ll tax your feet
Taxman!

Fun fact...Even though George Harrison wrote “Taxman”, Paul McCartney played lead guitar.


19 posted on 02/10/2021 6:05:01 AM PST by newfreep (“Leftism, under all of its brand names, is a severe, violent & evil mental disorder.”)
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To: Magnatron

“In January, state budget director Robert Mujica said a lot of ideas around such financial taxes “haven’t been fleshed out,” “

It always makes me angry that these thieves think it’s their God given right to reach into anyone’s pocket and take what they want.


20 posted on 02/10/2021 6:55:44 AM PST by aquila48 (Do not let them make you care! Guilting you is how they control you. )
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