NYSE Threatens To Abandon New York If Trading Is Taxed
Is the New York Stock Exchange (NYSE) about to leave New York city?
The exchange s President Stacey Cunningham warned Tuesday that the unthinkable was possible, saying the hallowed financial institution on Wall Street could flee if the state imposes a tax on stock trades. 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, Cunningham wrote in a column published in The Wall Street Journal.
She praised a 1981 decision by New York state to stop collecting a tax on stock trades, but warned, If lawmakers opt to reinstate that tax, the NYSE may need to follow the lead of those relocating firms. Some of our customers are already asking about our willingness to relocate.
The possibility that firms will be delisted means financial markets are likely to face further disruptions from Trump’s crackdown on Chinese companies.
Annie Massa, Saleha Mohsin, Jennifer Jacobs and Robert Schmidt, Bloomberg News Pedestrians wearing protective masks pass in front of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Jan. 4, 2021. In a historic year that marked a rapid plunge into bear market territory and a swift recovery into the bull zone, high-flying technology stocks and electric-vehicle pioneer Tesla Inc. were standout trades. , Bloomberg
(Bloomberg) Almost two months after President Donald Trump said heâs cutting off U.S. investment in companies tied to Chinaâs military, confusion reigns on Wall Street over how to interpret his order. One certainty: Savers are losing billions.