Bramnick: With stock exchange tax, New Jersey faces losses

TRENTON, N.J. – Assembly Republican Leader Jon Bramnick warned Gov. Phil Murphy not to test the stock exchange’s reaction to his proposed new tax on financial transactions.

“The governor is discussing a new tax on financial transactions,” said Bramnick (R-Union). “This tax will cause the financial industry to move their transaction centers out of our state. I don’t think the industry is making an idle threat.”

The New York Stock Exchange, Nasdaq Inc. and Cboe Global Markets Inc. all have data centers in New Jersey and have signaled they would shift their centers elsewhere because of the tax.

Under Murphy’s plan the state would charge a quarter of a cent per “financial transaction” at entities processing at least 10,000 annually via electronic infrastructure in the state.