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House Members Reintroduce Bill Blocking Financial Transaction Taxes - Finance and Banking


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U.S. House Financial Services Committee Ranking Member Patrick
McHenry (R-NC) and Subcommittee on Investor Protection,
Entrepreneurship and Capital Markets Ranking Member Bill Huizenga
(R-MI) reintroduced the Protecting
Retirement Savers and Everyday Investors Act, a bill that
would block states from imposing financial transaction taxes
( FTTs ) on, among other securities industry
participants, stock exchanges and broker-dealers.
Certain states have proposed taxes on securities transactions
(see previous coverage on New York State s
proposed Stock Transfer Tax), and analysts have commented that
taxes imposed in one state would apply to investors in other states ....

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SIFMA Paper Outlines Negative Impact Of Stock Transfer Tax On New York Economy

<p><span>SIFMA today issued a&nbsp;</span><a data-feathr-click-track="true" href="https://www.sifma.org/resources/submissions/economic-contribution-of-the-new-york-financial-services-sector-and-review-of-the-stock-transfer-tax/">whitepaper</a><span>&nbsp;titled &ldquo;Economic Contribution of the New York Financial Services Sector and Review of the Stock Transfer Tax.&rdquo;&nbsp; The analysis outlines the significance of the financial services sector to the city and state of New York and suggests that the stock transfer tax (STT) could have a negative impact on both the city and the state economy.</span></p> ....

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The Stock Transfer Tax: Pro & Con


The Stock Transfer Tax: Pro & Con
By
Susan Arbetter
City of Albany
PUBLISHED 7:58 PM ET Feb. 11, 2021
PUBLISHED 7:58 PM EST Feb. 11, 2021
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No matter how much money the federal government provides to New York, the state will have a structural deficit unless it either cuts billions of dollars in spending or raises revenue. 
Among the taxes that majority Democrats in both houses are considering is the Stock Transfer Tax, which is a sales tax on stock trades that advocates say could raise around $13 billion every year.
A little history: The tax is over 100 years old; it existed in New York from 1905 to 1981. ....

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Wall Street can spare a nickel


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Right now, New York City and New York state are waiting for a federal bailout that may or may not happen in the first quarter of 2021. Just one GOP Senate victory on January 5 in Georgia spells doom for the long-awaited fiscal rescue of state and local governments.
But New York has the means to solve its revenue shortfall, without relying on the federal government or resorting to fiscally irresponsible stop-gap borrowing.
Amidst all the talk of a “millionaire’s tax,” a “pied a terre tax” or even a “wealth tax,” lies a very simple solution to New York’s burgeoning fiscal crisis: the Stock Transfer Tax. ....

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