NY Post: This ‘soak the rich’ tax would destroy economies of New York and New Jersey - Garden State Initiative

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NY Post: This ‘soak the rich’ tax would destroy economies of New York and New Jersey

November 22, 2020

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By the New York Post Editorial Board

Lawmakers in New York and New Jersey just won’t be happy until they drive Wall Street firms clear out of the area, taking their jobs — and tax revenue — with them.

Proposed stock-transfer taxes in both states have already prompted the New York Stock Exchange, Nasdaq and other power players to come together to form the Coalition To Prevent the Taxing of Retirement Savings and to actually test the viability of relocating elsewhere.

Nasdaq is already meeting with Texas Gov. Greg Abbott to discuss new data-center operations in Dallas.

The companies don’t want to move but are “concerned about the possibility of rising costs” and about customers who are concerned with costs, a spokesman says.

Three bills in New York would reinstate a long-dormant stock-transfer tax. Companies have to keep a record of the tax, but the government grants buyers and sellers a full rebate.

Read the full editorial here.