Texas Governor Abbott hosts major stock exchanges in Austin
Texas Governor Greg Abbott to welcome representatives from key United States on November 20 Stock exchanges considering moving their data centers from New Jersey to Lone Star State amid threat of surge taxes.
The Coalition to Prevent Taxation of Retirement Savings, made up of stockbrokers and trading platforms, including the owner of the New York Stock Exchange Intercontinental Exchange and the Nasdaq, explore their options as the governor of New Jersey, Phil Murphy, is considering a proposed 0.25% per financial transaction tax on businesses. that process at least 10,000 electronic transactions each year.
New Jersey’s housing data warehouses give financial companies no advantage other than being a stone’s throw from Wall Street.
“Texas continues to be the nation’s number one economic destination, attracting more top-tier businesses than any other state,” an Abbott office spokesperson told FOX Business. “The Governor looks forward to meeting with the Nasdaq and showcasing Texas’ business-friendly environment, skilled workforce, robust infrastructure, and low taxes, all of which drive increased economic growth in the State of Lone. Star. “
The New York Stock Exchange declined to comment and the Nasdaq did not immediately respond to FOX Business’s request for comment.
New Jersey’s proposed financial transaction tax, would be levied on stocks, options, futures and swaps, could generate up to $ 10 billion a year and close the expected annual budget deficit of the United States. State.
The NYSE and Nasdaq have already successfully tested how their data centers operate from locations outside of New Jersey in case they are forced to relocate.
Texas’ business friendly environment has attracted a number of companies looking to shy away from high tax states.
Companies that have recently moved to texas include Charles Schwab, AT&T and McKesson. Tesla CEO Elon Musk announced in July that the company’s next Gigafactory would be built in Austin, which could also become the company’s headquarters.