Quote:The New York Stock Exchange warned Tuesday that it may leave the state if the legislature imposes a tax on stock transfers, escalating a fight with Democrats who argue the move would help address a historic budget shortfall.

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“The stock exchange will not leave New York—one of the largest financial centers on earth—if we pass this bill, which would levy very minimal taxes on specific financial transactions, a policy that has long been implemented by other thriving financial centers around the world,” New York state Senator Julia Salazar, who sponsored the bill, said in a statement to Forbes.