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New Jersey’s transaction tax grab

SEPTEMBER 21, 2020 | by Peter Earle | AMERICAN INSTITUTE FOR ECONOMIC RESEARCH

By Peter Earle, includes “… with tax receipts falling far short of the spending aspirations of state lawmakers, Trenton is hurtling toward incorporating a slate of new taxes in the 2021 budget, including one on financial market transactions. … the specific targets are the New Jersey-based data centers of New York City securities exchanges and other financial markets: massive server farms through which hundreds of billions of dollars worth of transactions and market data travel each day.” 

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