photo courtesy of the NYSE
Assemblywomen Holly Schepisi
Mahwah NJ, On Monday a hearing will be taking place in Trenton to consider another tax, the Financial Transaction Tax which would impose a financial transaction tax on any persons or entities that process 10,000 or more financial transactions through electronic infrastructure located in New Jersey during the year.
As a result of this threatened new tax the New York based stock exchanges will pull their trading platforms from New Jersey. Northern New Jersey, particularly Mahwah hosts many server “Farms” that support the trading that takes place on Wall Street. In Mahwah alone the New York Stock Exchange pays almost $2 million in property taxes. In response to the proposed new tax the NYSE is now running trades for one of its exchanges from the Midwest. This tax will be the catalyst for yet ANOTHER industry to leave Bergen County, costing a loss of significant revenue and jobs for northern New Jersey.
In addition to creating a huge fiscal void for the residents of Mahwah, if this tax moves forward it will cause everyone who has an investor portfolio to take a hit including our working class residents’ retirement savings and 401(k) plans. This tax is imposed per transaction and will impact every trade made.
We have been communicating daily with the Mayor and councilmembers in Mahwah as well as with representatives of the exchanges. Today we sent a letter to the Committee expressing our deep concerns with this bill.
If you wish to reach out to stop this proposal here are the members of the Committee
Financial Institutions and Insurance Committee
John F. McKeon- Chair – AsmMcKeon@njleg.org
Pamela R Lampitt – Vice-Chair – AswLampitt@njleg.org
Robert Auth – AsmAuth@njleg.org
Joe Danielsen – AsmDanielsen@njleg.org
BettyLou DeCroce – AswDecroce@njleg.org
Christopher P. DePhillips – AsmDePhillips@njleg.org
Joann Downey – AswDowney@njleg.org
Roy Freiman – AsmFreiman@njleg.org
Yvonne Lopez – AswLopez@njleg.org
Carol A. Murphy – AswMurphy@njleg.org
Gary S. Schaer – AsmSchaer@njleg.org
Lisa Swain – AswSwain@njleg.org
Jay Webber – AsmWebber@njleg.org
Wow. What a dumb law. Weehawken, Carlstadt, and Mahwah all have major data centers that will be greatly affected by this…that’s just the big guys.
Democrats are now beholden to the growing AOC/Bernie/Warren/Squad types, who see corporations and particularly those of the financial services kind, as evil. Explaining economics to them is pointless. They chased Amazon out of NYC, which would have produced many jobs and taxes. A vote of Dementia Joe is giving these bastards a huge advantage. Look, I get the appeal of this brand of socialism to the welfare crowd, but I cannot for the life of me understand anyone who values their livelihood who votes D these days. This is not the party of your college days.
It is certainly not the Republican Party of your college days, either. Open your eyes.
Murphy should know better given his background from Goldman Sachs
I don’t get it.
Why would rich people leave?
Aren’t rich people stupid and willing to go along with schemes to take their money away, like paying higher taxes ?
Isn’t that how they got rich? …by being stupid and doing whatever they’re told to do?