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Nasdaq Says New Jersey Tax Plan Would Raise Costs for Investors

Oct. 21, 2020, 2:30 PM

New Jersey’s proposal to tax financial transactions will drive investors out of the stock market, according to exchange operator Nasdaq Inc.

“There have been taxes levied in other countries in the past on financial transactions, and the net result is that investors end up paying more to participate in the market,” Nasdaq Chief Executive Officer Adena Friedman said in an interview Wednesday on Bloomberg Television. “We are clearly, clearly an opponent to the financial-transaction tax.”

WATCH: Nasdaq CEO Adena Friedman discusses New Jersey’s proposal to tax financial transactions on Bloomberg TV.
(Source: Bloomberg)

New Jersey, a state so fiscally damaged by the pandemic that it’s borrowing $4.5 billion to plug a budget gap, is considering charging a ...