Good day all. Under Govno Andrew Flaming Cuomo, the state of New York has seen a collapse of tax revenue as business, fleeing the high tax rates and regulations, the wealthy, (Tired of having their pockets picked), and the Middle Class all move to states that don’t see people as sheep to be fleeced.
Add to that the collapse of the New York economy due to the imprisonment of the people because of the Great Panicdemic of 2020, and New York is in a financial hole it can’t dig out of. So desperate to find money to pay for their incompetence they are now looking at looting the New York Stock Exchange. The plan the State has come up with would be a transfer tax on the sale of stocks on the market. Here are the details from Newsmax:
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.”
I understand that Texas is ready and waiting with open arms if the NYSE should decide to become the Texas Stock Exchange. The good news is that this idea is not being looked on kindly by Flaming Cuomo. (Who has his own problems, what with killing 15K people and hiding the evidence)
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.
Perhaps New York should take a look at what’s happening to another state that likes raping businesses of their hard earned money.
A financial tax was proposed last year in New Jersey, where many exchanges host their servers. Mujica said exchanges quickly mobilized to temporarily move their employees and activity outside of the state.
“If we increase the tax like that, you mobilize people, potentially just move your transactions and your servers to another part of the country where those taxes don’t exist,” said Mujica, who noted the pandemic had shown people can do business anywhere.
I wrote about the NASDAQ looking to move out of New Jersey last November when the incompetent clowns running that state started eyeing all the money they didn’t have, and thinking about how they could best waste it on their collective boondoggles. As in the case of New Jersey, New York has run into the Thatcher Conundrum. What to do when they run out of other people’s money.
One of the things not on the list with the tax fattened hyenas, is cutting back on spending. This includes telling the Unions something they don’t want to hear. The word “No.” The financial collapse of the Blue States can be laid directly at the feet of the Democratic CommuNazis and their predecessors, the Democrat Party. It would serve them right if the New York Stock Exchange pulled up stakes and went somewhere that would appreciate them.
Thatisall
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