Bramnick: Stock exchange move proves New Jersey taxing too much

Bramnick: Stock exchange move proves New Jersey taxing too much

TRENTON, N.J. – Assembly Republican Leader Jon Bramnick said the New York Stock Exchange’s reaction to a proposed new tax on financial transactions is further evidence that the state is taxing too much.

The group is reportedly preparing to move its data center out of New Jersey and will run one of its exchanges from a backup site in Chicago the week of Sept. 28.

“Continually raising taxes is the reason New Jersey leads the nation in outmigration,” said Bramnick (R-Union). “It isn’t only people. Businesses are leaving too. Now, Democrats are pushing out the stock exchange with their policies.”

The bill, which has the support of Gov. Phil Murphy, would impose a “tax on persons or entities that process 10,000 or more financial transactions through electronic infrastructure located in New Jersey during the year.” The tax would work out to a quarter of a cent per transaction.