When governor Andrew Cuomo let slip that the State of New York was looking to tax every stock transaction, you could hear the flick of the switch - those Wall Street firms were never going to let anyone in on their trading secrets and would leave any jurisdiction whose politicians thought they could tax such transactions.
You are 100% correct.
I sold computer systems to both Wall Street and the state of NY back when Mario {The Pious} Cuomo, was the Lt Governor of NY and while he was a demonRat, I never saw any sign of his hand out, looking for a payoff.
He was a reasonable demonRAT back then, but he couldn't get elected to dog catcher in today's demonRAT, communist party.
The demonRATs of the 70's, 80's were so much more Americans than today, that if they were alive today, they would vote for Trump.