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Assembly hearing on financial transaction tax set for Monday as Democrats refine proposal

Assembly hearing on financial transaction tax set for Monday as Democrats refine proposal


New Jersey Assemblyman John McKeon, D-Madison, introduced the bill in July.

New Jersey Assemblyman John McKeon, D-Madison, introduced the bill in July. | (AP Photo/Julio Cortez)

An Assembly committee plans to discuss a major and controversial bill next week that would impose a tax on electronic stock trades processed in New Jersey, potentially generating billions of dollars in revenue for the state.

Monday’s hearing by the Assembly Financial Institutions and Insurance Committee comes as several stock exchanges have threatened to move their data centers in North and Central Jersey out of state if the Legislature and governor move forward with the tax.

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The bill, which Assembly Democratic spokesperson Kevin McArdle said the committee will discuss but not vote on, is expected to be heavily amended before any vote, and will likely include changing the tax rate on transactions and making the tax temporary.

The original bill, NJ A4402 (20R), which Assemblyman John McKeon (D-Essex) introduced in July, would impose a quarter-cent tax on every financial transaction processed in New Jersey.

Democrats have hired Paul Hastings LLP, a Washington, D.C.-based law firm with expertise on the topic, to help design the proposal. An invoice from the firm shows it’s charged Senate Democrats $30,000 so far.

Background: New Jersey’s economic slowdown from the coronavirus pandemic has cratered some revenue sources, resulting in the state agreeing to borrow billions to fund the current budget.

Financial transaction taxes are nothing new, but the idea to apply them to New Jersey’s vast server farms was first proposed by the late congressional candidate David Applefield in an op-ed earlier this year. McKeon, who read the op-ed, introduced the bill the day after Applefield died.

The bill has since gained traction, with Gov. Phil Murphy and legislative leaders all indicating support for taxing electronic trades.

Impact: Monday’s hearing is the latest indication Democrats are serious about the

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Here’s what happened to the stock market on Monday

Here’s what happened to the stock market on Monday



a close up of a statue: Charging Bull Statue is seen at the Financial District in New York City, United States on March 29, 2020.


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Charging Bull Statue is seen at the Financial District in New York City, United States on March 29, 2020.

Dow Jones Industrial Average surges 250 points

The Dow rallied 250.62 points, or 0.9%, to close at 28,837.52. The S&P 500 jumped 1.6% to 3,534.22. The Nasdaq Composite advanced 2.6% to 11,876.26 for its best day since September. Tech shares rallied on Monday to lead the broader market higher.

Apple pops ahead of iPhone launch

Apple jumped 6.4% as investors looked ahead to a key event for the company. On Tuesday, Apple is expected to unveil its first 5G iPhone. History shows Apple shares usually outperform the broader market after an iPhone launch. Facebook and Amazon advanced 4% each.

Video: Jim Cramer says the stock market does not reflect Americans’ need for more coronavirus stimulus (CNBC)

Jim Cramer says the stock market does not reflect Americans’ need for more coronavirus stimulus

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UP NEXT

Stimulus talks continue

Monday’s rally came even as chances for another round of stimulus before the election appeared to dim over the weekend. Both House Speaker Nancy Pelosi, D-Calif., and Senate Republicans pushed back on a $1.8 trillion offer from the White House. Despite the impasse, Morgan Stanley’s Mike Wilson thinks “there’s enough stimulus in the pipeline for now to kind of get us through year-end.”

What happens next?

The corporate earnings season is set to kick off on Tuesday as JPMorgan Chase, Citigroup and Delta Airlines release their latest quarterly results.

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