Murphy Envisions N.J. Trade Tax for Social Justice Agenda
- Data farms could deliver $10 billion a year, lawmaker says
- Exchanges say they’d go out of state if ‘recycled idea’ passes
Phil Murphy
Photographer: David Dee Delgado/BloombergThis article is for subscribers only.
New Jersey Governor Phil Murphy favors using revenue from a proposed tax on electronic Wall Street trading to expand his social-justice agenda and shore up the state’s fiscal health, according to senior administration officials.
Any proceeds from levies on hundreds of millions of trades processed at data farms inside the state wouldn’t be scored for the fiscal year that starts Oct. 1. But the bonanza from the first-of-its-kind state tax could ultimately become a long-term annual source of revenue for New Jersey.