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Daily Tax Report: State

Murphy ‘Very Seriously’ Mulls N.J. Tax on High-Volume Trades (2)

Aug. 31, 2020, 8:37 PM

New Jersey Governor Phil Murphy said he is “very seriously” considering a tax on high-volume electronic trading in the state, home to Wall Street’s massive server farms.

“The notion is something we like a lot,” Murphy, a Democrat and retired Goldman Sachs Group Inc. senior director, said Monday, warning litigation would be a near-certainty. Though the nation’s top banks and money managers are traditionally in New York, such a tax would have huge implications for the industry, with northern New Jersey effectively serving as modern Wall Street’s digital trading floor.

Phil Murphy
Photographer: Ron Antonelli/Bloomberg

The state would charge a quarter of a cent...

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