Activists and legislators rallying for stock transfer tax

New York News

A woman wearing a protective face mask walks by the investment icon bull statue on display outside a bank in Beijing, Tuesday, March 10, 2020. Asian stock markets took a breather from recent steep declines on Tuesday, with several regional benchmarks gaining more than 1% after New York futures reversed on news that President Donald Trump plans to ask Congress for a tax cut and other quick measures to ease the pain of the virus outbreak. (AP Photo/Andy Wong)

ALBANY, N.Y. (NEWS10) — Legislators, students, community groups, and labor representatives are rallying virtually with the goal of reinstating New York’s stock transfer tax. It’s still technically on the books, and historically, the tax was levied on stock trades from 1905 to 1981. In October 1981, it was practically erased through a 100% rebate program back to Wall Street.

The virtual rally is streaming on Zoom, and the passcode is 120782.

State Sen. James Sanders Jr. and Assemblymember Phil Steck are sponsors of bills to reinstate the tax. They say the untapped revenue stream could raise between $14 billion and $19 billion for the state.

Sanders and Steck are set to speak at the virtual rally in order to apply pressure on the state Legislature to take up a stock transfer tax measure. They say the funds raised could support higher education, health care, and other essential public services whose operating budgets have been decimated by the state’s deficit.

Representatives from United University Professions, the New York State Nurses Association, NYPIRG, the Black Nurses Coalition, and the SUNY Student Assembly will also be present, alongside Assemblymembers Ron Kim and Pamela Hunter and State Sen. Robert Jackson.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download our news app

App Store Link
Google Play Link

Latest PODCAST episode

More PODCAST: On the Story with Trishna Begam

Latest COVID-19 News

More COVID-19