Home>Governor>Steinhardt hits Murphy over high-frequency trade tax

State Republican Chairman Doug Steinhardt. (Photo: Kevin Sanders for New Jersey Globe)

Steinhardt hits Murphy over high-frequency trade tax

Republican chairman warns proposal could push employers out of New Jersey

By Nikita Biryukov, September 14 2020 10:03 am

New Jersey Republican Chairman Doug Steinhardt attacked Gov. Phil Murphy over a proposal that would levy a small tax on stock trades, a measure that the bill’s sponsor says could raise $10 billion annually.

“It seems the only thing more deadly for the New Jersey economy than Covid 19 is Governor Phil Murphy. At this point, there is no expert, no small business, and no common sense New Jerseyan who sees a benefit in the Governor’s economic policies,” Steinhardt said. “The financial services industry is a major employer in New Jersey, but Phil Murphy would offer it up on the altar of economic sacrifice for little more than progressive headlines and liberal handouts. It’s an unsustainable system, and the NJGOP is working everyday to defeat Phil Murphy and his liberal, Democrat cronies.”

The New York Stock Exchange and two other exchanges, Nasdaq Inc. and Cboe Global Markets Inc., have warned they will leave the state over the tax, which, if implemented, would add a surcharge of 0.25 cents on any trade made by a company processing 10,000 or more financial transactions per year.

The plan has also seen stark opposition from Republicans upset at the prospect of a tax increase.

“Murphy’s follow up comments about everyone ‘giving a little blood’ to support his bloated, super-sized budget highlight just how big New Jersey’s governmental problems are,” Steinhardt said. “At a time when millions of New Jerseyans have suffered some form of economic hardship, it should be the government giving to the people, not the other way around.”

Spread the news: