In a column published last night in the Wall Street Journal, Stacey Cunningham, the boss of the New York Stock Exchange (NYSE), issued the possibility for the New York Stock Exchange to leave Manhattan if a tax on financial transactions were to be again imposed by the state. This was repealed in 1981, when Ronald Reagan came to power. Stacey Cunningham has declared that he is opposed to these types of taxes which have “a dismal record” and “never keep promises concerning the amount of revenue they will generate”.
“The last thing we want to do is leave a place we love, mostly because of flawed politics,” said the former Bank of America employee. She added, however, that the NYSE could follow the example of companies having relocated to other American states, such as Florida or Texas where taxation is more lenient, if the elected officials of Albany, the capital of the state of New York, came to reinstate a tax on financial transactions.
“We have proven, by necessity linked to the pandemic, that we can close physical trading floors in an instant and maintain service without wasting time,” said Stacey Cunningham.
source: AOF
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