![]() Estimates vary about the severity of these shortfalls, but it is clear that states will collect less revenue than projected in fiscal years (FYs) 2021 and FY 2022. Many states face budget shortfalls resulting from the coronavirus pandemic. A trade could be taxed by the home state of the buyer or seller, by the state that hosts the data processing centers, and by the state that hosts the stock exchange. If several states implement FTTs, the transfer of a security being taxed multiple times could emerge.An FTT results in a version of tax pyramiding as the same instrument is traded multiple times, meaning that even at low rates, an FTT would add a significant tax burden.States can either levy the tax at a flat rate or by value ( ad valorem). ![]()
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