Much to Lose, Nothing to Gain for New Jersey on Financial Transactions Tax

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Posted by Doug Kellogg on Thursday, October 15th, 2020, 10:16 AM PERMALINK

It would be bad news for every American investor if New Jersey imposed a financial transactions tax on stock exchange operations that are based in the state. The tax would levy a 0.25 cent tax, or potentially a 0.10 cent tax according to Politico, on a wide variety of financial transactions processed by the exchanges at data centers – like trades of stocks, options, and futures.

The proposed micro-cent transactions tax may sound small when looked at in a vacuum, but it would add up to significant costs when you consider how many transactions take place daily. The value of everyone’s 401(k) and life savings would go down with this new penalty on investing...

Read the rest of this op-ed at Save Jersey HERE.

Photo Credit: Sergei Tokmakov

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