Bramnick: Stock exchange tax won’t raise revenue if transactions leave New Jersey

Assemblyman Republican Leader Jon Bramnick criticized a proposed new tax on financial transactions heard in the Assembly Financial Institutions and Insurance Committee Monday.

He pointed out that if the stock exchange follows through on its threat to leave, New Jersey will lose revenue.

“The more we push companies and people out of New Jersey, the more revenue is lost, said Bramnick.”

“If the tax is passed and the stock exchange leaves, then a lot of property tax revenue, sales tax revenue, business tax revenue and income tax revenue among other taxes will go too.”