US EditionNew York’s Stock Transfer Tax Reinstatement: A Misguided Revenue Grab
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New York’s Stock Transfer Tax Reinstatement: A Misguided Revenue Grab
By Jim Toes, President and CEO, STA As New York State grapples with budget challenges, Assemblyman Phil Steck and Senator James Sanders earlier today proposed bills (A3353/S1406) to reinstate the long-dormant New York Stock Transfer Tax (STT), a financial transaction tax (FTT) on stock trades. Proponents claim this tax, in place since 1905 but fully rebated since 1981, offers a low-rate, broad-based solution to raise billions for infrastructure …
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