Bloomberg Tax
Feb. 11, 2021, 5:19 PM

Virtu Threatens to Exit N.Y. If ‘Foolish’ Finance Tax Passed (1)

Lananh Nguyen
Lananh Nguyen
Bloomberg News

Virtu Financial Inc. is ready to pack its bags if New York lawmakers implement a financial-transaction tax.

The electronic market maker joined the New York Stock Exchange in threatening to leave the state if Democrats enact a surcharge on stock trades to help close a projected four-year revenue loss, estimated at $39 billion. Lawmakers argue that reinstating the tax would raise about $13 billion annually, helping to avert cuts to services such as education and health care during the pandemic.

A financial-tax proposal in New Jersey has also been met with strong opposition from the finance industry.

“I understand the ...

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