Reinstate the Stock Transfer Tax
New York’s Stock Transfer Tax has been levied on stock trades since 1905. Since 1981, the tax has been rebated back to Wall Street. If fully collected, the Stock Transfer Tax is estimated to raise between $14 billion to as much as $19 billion annually. Much of these funds would come from transactions outside the state, limiting the impact on New York residents.
This new revenue stream could be used to help fund the State University of New York and SUNY’s three state-operated teaching hospitals.