Bloomberg Tax
Feb. 3, 2021, 7:07 PM

New York Financial Heavyweights Attack Stock Transfer Tax Plan

Donna Borak
Donna Borak

Wall Street on Wednesday blasted legislative efforts to reinstate a New York state tax on traded stocks.

Twenty-six organizations led by the Securities Industry and Financial Markets Association, whose members include Goldman Sachs & Co., JP Morgan Chase & Co., Ameriprise Financial, and Fidelity Investments, called on Gov. Andrew Cuomo (D) and top leaders in the state Senate and Assembly to oppose legislative efforts to revive a surcharge on financial market transactions.

“This is a tax on end investors,” according to a joint letter signed by the NASDAQ, the New York Stock Exchange, Managed Funds Association, and the American Securities ...

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