Review of the Financial Transaction Tax proposals from New Jersey and New York

The States of New York and New Jersey have bills on the table for to implement a Financial Transactions Tax. These are difficult proposals for the financial services industry and would most likely wind up as a pass-through to investors while reducing liquidity. The bills could also force some institutions to leave the states where the taxes are levied. We review the proposals as well as the Republican response proposed in October 2020.
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