Gottheimer Speaks In Mahwah, Rips Proposed Transactions Tax, NYSE

MAHWAH, NJ — Congressman Josh Gottheimer made a recent appearance in Mahwah to speak in opposition of New Jersey's proposed Financial Transaction Tax, saying the new law could cost the area at least 200 "good-paying" jobs.

In short, Gottheimer, along with members of the International Brotherhood of Electrical Workers and Building & Construction Trades of Bergen County, voiced their concerns regarding what passage of this bill could mean for the area.

They cited potential multi-million dollar losses in local tax revenue, as well as lost jobs if the New York Stock Exchange were to leave their Mahwah data center.

"I’m here today for one simple reason: this proposed financial transaction tax will cost the Fifth District at least 200 good-paying jobs, including the hardworking men and women of labor, it will force a key sector out of our state, and it will cost our local community significant revenue, two million dollars a year in property taxes, at a time when we certainly can’t afford it," said Gottheimer.

This comes nearly a month after the New York Stock Exchange, along with other U.S. exchanges, completed connectivity and full exchange functionality tests at a data center in Chicago.

The tests were done almost explicitly to show lawmakers that the exchanges don't need to conduct business in New Jersey; a show of strength in direct opposition to the proposed tax, which would be imposed on "high quantity processors of financial transactions at $0.0025 per transaction," according to the bill.

A second test in Chicago was scheduled for Saturday.

Gottheimer joined a chorus of voices who've voiced severe concern over how swift a move out of Mahwah could be.

"As soon as the state imposes this new tax, the back-end of the stock exchange here in Mahwah, and all the banks that have a presence here, will move, in unison, to a new location out-of-state," he said.

"This isn’t a guess. It’s not conjecture. The New York Stock Exchange has told us, in no uncertain terms, that if we are the only state that decides to tax financial transactions, they’ll have no choice but — for competitive reasons — to pack up this data center behind us, and all the jobs, and move to their existing center in Chicago. That is something none of us can stand for."

Watch the full conference below: