Freddy’s stock transfer tax plan is sort of lying in tatters at the moment, the general sense being that it’s a totally unnecessary item with the side-effect of triggering the apocalypse.
We were always a bit confused by Freddy’s court order bit, but there’s a basic honesty to his plan: as the Sun has been saying forever, a multi-billion dollar schools settlement will require a huge tax hike of some kind, and city taxpayers pay state taxes too.
Anyway, in very partial defense of Freddy, we have yet to see anybody take on his strongest argument for the tax: that the London Stock Exchange has a bigger one, and is thriving. We were kind of disappointed to see the usually-sharp Nicole Gelinas (she of the great “No Job for a Hack” column) write a boilerplate dismissal of the tax today, ignoring the London argument.
It seems like a fair point. Nicole? E.J.?
UPDATE: The Manhattan Institute’s E.J. McMahon rises to the bait: “Hey, no fair! ‘Anonymous’ in your comments box stole my answer, to whit: While you could avoid the NY tax simply by moving across state lines, you can’t dodge the London duty by moving to, say, Manchester — although many of the guys in London have found other ways around it. I thought Nicole’s piece was just fine. I mean, how clever and novel do you expect someone to be in criticizing an idea that’s so patently dumb?”