Oct 27, 2010

NY-Gov: Green Calls for Stock Transfer Tax as Part of Green New Deal

From a letter to Press Connects:
Green Party gubernatorial candidate Howie Hawkins said that, as a part of his "Green New Deal," he wants to impose a sales tax on stock transfers. The tax would amount only to one-twentieth of 1 percent on each transfer and bring in an estimated $16 billion. New York state sales tax is currently 4 percent, and most counties have 4 percent sales taxes. So that would be asking the Wall Street brokers to pay their fair share in sales tax.

I have heard the argument that investors will take their money elsewhere. Those that may leave would no longer be Wall Street investors and hence should not command the benefits that go along with working in New York. Their shoes would be eagerly filled.
In any case, refunding the stock transfer tax has been a long-standing example of economic terrorism and we should stop turning a blind eye to it. Support the Green Party and progressive taxation.
Patricia Valek

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