Murphy ‘Very Seriously’ Mulling New Jersey Tax on High-Volume Trades
- Tax on trades at server farms would raise ‘significant amount’
- Governor says he wouldn’t sign it into law before October
New Jersey Governor Phil Murphy
Photographer: David Dee Delgado/BloombergThis article is for subscribers only.
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.