New York has been bleeding residents for years. People fleeing the high taxes and restrictive laws for lower tax states like Florida has been going on for a long time. Now that COVID has taught companies that you don’t need to have your employees operate out of expensive Manhattan offices, that trend has accelerated. So how does New York respond to that?
As we all know, the Democrat answer to ANY problem is more taxes, so why not propose a 0.5% tax on every stock transaction? This was the entire plot of Office Space.
This will KILL the New York Stock Exchange. I hope it doesn’t come to Florida. See, the people who come here from New York haven’t learned their lesson on what voting for leftists does, so after moving here, they keep voting for the same politicians and policies that caused their problem to begin with.
To live here means listening to New York transplants constantly telling us how they “do things up north” and how much better things are “up north.” So, you ask, why did you leave? Then you get two answers: “It’s cold,” and “taxes.”
No shit.
2 Comments
it's just Boris · February 10, 2021 at 9:56 am
Well, it’s a good way to get the exchange to go fully online and relocate to server farms in Utah or Idaho, I suppose. Or would be, if there’s no exception for institutional/ high-frequency traders and the like … which I expect would be the case to avoid a threatened move.
It’s not quite as bad as the round-trip commission on buying/selling a house, and at some level it would probably tend to discourage day trading and encourage long term investing, at least on the individual level. But of course, the tax would go up in time.
Miguel GFZ · February 10, 2021 at 8:39 pm
I can’t find it now, but I did read about a big Wall Street firm planning to move to Florida.
It makes sense. The market is no longer anchored to a spot but works via the Internet, they can do that wherever the taxes are more favorable.
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