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FOX Business anchor Larry Kudrow is reacting to a proposed NYSE tax hike, which could cause the company to leave New York state.
FOX Business host Larry Kudlow on Wednesday criticized New York for proposing a “bogus policy” that could cause the New York Stock Exchange to move to another state with better tax incentives.
During an appearance in America’s Newsroom, Kudlow explained that adding taxes on transactions or transactions on the NYSE discourages investment, which will impact hedge funds as well as retail investors. , and increases prices for consumers.
Kudlow said the presence of the New York Stock Exchange creates many jobs for apartments, restaurants and small businesses.
“It’s not just the people who work there directly,” Kudlow said. “These are the ripple effects, that would be a terrible blow to New York’s economy.”
Kudlow added that if the policy were to be implemented, the increased cost of the NYSE would likely cause them to pack their bags and move to another city, like Chicago or Charlotte.
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In a Wall Street Journal editorial published yesterday by NYSE President Stacey Cunningham, she explained that the recently revived stock transfer tax, which is gaining support in New York, could force the company to find a new location. .
“On Wednesday, along with more than 25 other representatives of the New York securities industry, I sent a letter to state legislative leaders warning of the unintended consequences of imposing a transfer tax on sales of ‘shares,’ Cunningham wrote. “The lesson of history is clear: if you try to get more income from financial companies, business goes elsewhere.”
Cunningham explained that many Wall Street company employees have left the state and moved to places such as Florida and Texas for more favorable tax policies.
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In 1981, the tax on transfers of state securities was abolished by state leaders, who offered a 100% rebate to investors. Cunningham said that with the crippling effects of COVID-19 on the economy and the historic consequences of trade taxes on financial markets, offshoring may be the NYSE’s only option.
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