Daily Tax Report: State

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

Feb. 11, 2021, 5:19 PM

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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