State lawmakers in Albany, New York are considering imposing a tax on financial transactions. If they go through with it, the iconic New York Stock Exchange might actually leave the Empire State.
The tax legislation in question was recently proposed by state Senator Julia Salazar and several of her Democratic colleagues. It would impose a 0.5 percent tax on stock trades and smaller taxes on bond and derivative trades. These levies may sound minor, but they add up when applied across millions of trades—and Salazar says the tax would raise $12-29 billion in revenue.
"This is about economic justice," she said in a television interview discussing her proposal. "It's critical in this moment that we are raising revenue in order to meet the needs of the state and provide financial relief for working New Yorkers."
"It's very difficult for New Yorkers right now, we've been the epicenter of the COVID-19 crisis and [we're] going to continue to see the effects of the economic crisis," Salazar continued. "So it's actually all the more urgent that we ask the ultra-wealthy to pay their fair share so that we can make New York a more livable place for the rest of New Yorkers."