The tax proposal, which would apply to transfers of stocks, bonds and derivatives, comes as the state faces a sharp budget shortfall caused by the coronavirus pandemic.
“If Albany lawmakers get their way, however, the center of the global financial industry may need to find a new home,” NYSE President Stacey Cunningham warns in an op-ed piece in The Wall Street Journal.
Cunningham and more than 25 other representatives of the securities industry contact state legislative leaders to caution against a proposal to place a tax on certain financial transactions, including from investment banks and hedge funds.
Democrats behind the bill maintain a tax would help make up for lost revenue and deny that the NYSE would need to move if it were passed.
Cunningham points out that “while New York has remained a center of gravity for the financial industry, many employees of Wall Street firms are migrating to Florida, Texas and other states with hospitable tax policies.”
The NYSE started on May 17, 1792, under a buttonwood tree at 68 Wall Street. Twenty-four brokers and merchants signed the aptly-named Buttonwood Agreement to outline the rules for trading securities.
First stock listed on this exchange was the Bank of New York.
IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE...
U.S. MILLIONAIRES GROW. More than 8 percent of U.S. adults have assets that put them as millionaires, according to Global Wealth Report 2020 by Credit Suisse. That’s more than 20 million Americans.
KUDLOW DEBUTS ON FOX BUSINESS. Former National Economic Council director and Fox News contributor Larry Kudlow is getting a Fox Business show that will air weekdays at 4 p.m. Eastern with an encore at 7 p.m. Eastern. Fox Business says Kudlow’s show will “feature closing market analysis as well as interviews with major industry leaders influencing Wall Street, Washington and business in America.”
SUPER BOWL VIEWERS SHRINK. CBS notes Super Bowl LV between the Tampa Bay Bucs and Kansas City Chiefs averaged 96.4 million viewers across TV and streaming. That’s down from last year’s 102 million across Fox and streaming — and the lowest since 2007.
BIDEN IN MILWAUKEE TOWN HALL. President Joe Biden will participate in a CNN town hall in Milwaukee. “CNN Presidential Town Hall with Joe Biden” airs tomorrow at 8 p.m. Eastern.
WALL STREET JOURNAL COMBINES WORDS. The Wall Street Journal is combining words. Rather than health care, it’s now one word: healthcare. Also going to one word is daycare.
AUNT JEMIMA BOXES GET NEW NAME. Aunt Jemima identifying pancake mix is being renamed Pearl Milling Company starting with packaging in June. Pearl Milling Company was founded in 1888 in St. Joseph, Missouri.
MOUNT EVEREST GROWS. Mount Everest now tops the globe at 29,031.69 feet above sea level, according to latest survey results. That is more than two feet higher than the altitude previously recognized by the government of Nepal.
YELLOW LOBSTER CAUGHT. A lobsterman catches a rare yellow lobster off the coast of Maine and quickly names it Banana, then donates it to the University of New England. The yellow color comes from a pigment in the lobster's shell and the odds of catching one are about one in 30 million, calculates the University of Maine.
Comments