New Tax in New Jersey May Drive NASDAQ to Homestead in Texas

[PeteS in CA]

New Tax in New Jersey May Drive NASDAQ to Homestead in Texas

https://pjmedia.com/news-and-politics/bryan-preston/2020/11/10/new-tax-in-new-jersey-may-drive-nasdaq-to-homestead-in-texas-n1136664

A few years ago, Glenn Reynolds wrote a salient piece for USA Today: If you tax it too much, they will go. Here’s another case in point.

New Jersey is set to impose a tax on financial transactions that occur online in the state. The NASDAQ processes more than half a million trades per day. Its servers happen to be in New Jersey. If each transaction is taxed at a quarter of a penny apiece, the costs will add up quickly. $10 billion per year, in fact, is what New Jersey expects to haul in.

That has the exchange considering moving out of high-tax New Jersey to — where else? — low-tax Texas.

If the tax bite is big enough to justify the cost of moving .......

[Gefn]

In the last week Murphy has gone bonkers with signing stuff.

Maybe because he knows he’s out next year? I dunno.

Sigh. I stopped trying to figure out people years ago. I like dogs and cats better.

Thanks @PeteS in CA

[Idiot]

New Tax in New Jersey May Drive NASDAQ to Homestead in Texas

https://pjmedia.com/news-and-politics/bryan-preston/2020/11/10/new-tax-in-new-jersey-may-drive-nasdaq-to-homestead-in-texas-n1136664

If the tax bite is big enough to justify the cost of moving .......

Come on down!  Just leave your liberal ways up north.

[IsailedawayfromFR]

New Tax in New Jersey May Drive NASDAQ to Homestead in Texas

https://pjmedia.com/news-and-politics/bryan-preston/2020/11/10/new-tax-in-new-jersey-may-drive-nasdaq-to-homestead-in-texas-n1136664

If the tax bite is big enough to justify the cost of moving .......

California has certainly experienced a similar lesson. For some reason, it has not learned it very well either.

[corbe]

Nasdaq, Other Trading Exchanges to Meet With Gov. Abbott About Potential Move to Dallas

Gov. Abbott's office was in talks with Nasdaq and other exchanges last month about moving data centers to Dallas

Published November 10, 2020 • Updated on November 10, 2020 at 7:32 am
 
Gov. Greg Abbott will welcome representatives from major stock exchanges, including Nasdaq, to Austin on Nov. 20.

According to a report by The Dallas Morning News, the meeting is part of Texas's bid to be the top choice if the exchanges make good on their threats to move their trading platforms out of New Jersey.

Last month, the Dallas Morning News reported that Gov. Abbott's office was in talks with Nasdaq and other exchanges about moving data centers, which power billions of dollars in trades on Wall Street each day, to Dallas.

“Texas continues to be the premier economic destination in the country, attracting more leading businesses than any other state," spokeswoman Renae Eze told the Dallas Morning News. “The governor looks forward to meeting with Nasdaq and showcasing Texas' business-friendly environment, skilled workforce, robust infrastructure, and low taxes, all of which foster greater economic growth in the Lone Star State.”

<..snip..>

https://www.nbcdfw.com/news/local/nasdaq-other-trading-exchanges-to-meet-with-gov-abbott-about-potential-move-to-dallas/2475771/

[Gefn]

More on this thread too

http://www.gopbriefingroom.com/index.php/topic,419626.0.html

[MOD4]

Thank you for the heads up @Gefn