Letters to the Editor Sunday, Dec. 20 | The Daily Gazette
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Stock transfer tax would boost budget
Gov. Andrew Cuomo remains opposed to legislation Assemblyman Phil Steck has sponsored for years that would restore the stock transfer tax and raise $12 billion to $15 billion dollars in state revenues annually, and, by itself, largely eliminate the revenue shortfall that has afflicted the state government since the COVID-19 pandemic began in March.
The tax is a puny one-quarter of 1%. Most of us pay a combined state and local sales tax of 8% (32 times larger) on many of our purchases. The state collected this tax from the 1910s until the early 1980s, but for nearly forty years, has immediately refunded it.