Corporatecampaign.org, Ray Rogers, October 19, 2024

Pass Bills A4574-A and S1297-A to repeal Stock Transfer Tax Rebate (STTR): Chief Sponsors Assembly Member Phil Steck and Senator James Sanders

No other bills on the 2025 legislative calendar will be more important to pass to promote the well-being of all New Yorkers, and especially those most in need, for decades to come. If your Assembly Member or Senator is not a heroic co-sponsor, please contact them ASAP to sign on.

Passage of these bills in 2025 would immediately recoup an estimated $13 to $20 billion annually  earmarked for programs and projects that will be of enormous benefit by providing funding to advance health care and mental health, education, public transit, affordable housing, infrastructure repairs and development, safety, and a myriad of other vital social services.  The huge amount of funds is generated from a tiny one-tenth to a quarter-of-one-percent sales tax, almost exclusively, on the billions of transactions generated by Wall Street speculators.

Collecting Stock Sales Transfer Tax revenues to fund badly needed public services instead of refunding these billions of dollars to cash-rich brokerage firms, according to leading economists, will place no economic burden on individuals or families and will not adversely affect the value of workers’ pension funds or cause an exodus  of Wall Street firms and jobs. It will also spur grassroots economic growth throughout New York.

Yet opposing organizations continue to spew propaganda to make union leaders, their members and pensioners believe passage could have catastrophic consequences on their livelihoods. These claims are completely bogus. To counter their propaganda will necessitate active support from labor unions, tenant, faith-based, community and political organizations and NGOs throughout New York State.

From 1905 to 1981 these taxes were collected and, as pointed out by Michael Kink, executive director of the Strong Economy for All Coalition, “For 75 years we raised billions and billions of dollars with this tax. It’s the money that funded SUNY. It’s the money that funded CUNY. It’s the money that funded Mitchell-Lama housing. All the good things that were built in mid-century New York were funded in significant part by this small tax on Wall Street stock trades.”

Union leaders, NYCHA and HCR representatives, tenant organizations and others concerned about social and economic justice, adequate health care, education, affordable housing and infrastructure resources need to act fast and support the campaign to pass bills A4574-A and S1297-A to repeal the Stock Transfer Tax Rebate (STTR) in 2025.

Allocation Of Funds

Under the newly amended bills, based on the low estimate of $13 billion collected each year from ending the Stock Transfer Tax Rebate, this is how the funds will be allocated:

• Transportation 35% or $4.55 billion invested in  MTA, Highway and Bridge Capital (NYSDOT), Consolidated Local Street and Highway Improvement Program (CHIPS), Downstate Transit System, Upstate Transit System, AMTRAK in the Northeast corridor
• Climate Change/Environment/Resiliency/Clean Water 25% or $3.25 billion invested in Clean Energy Fund (NYSERDA); Reforestation, Soil Conservation, Sustainable Agriculture, Parks; Safe Water and Infrastructure Action Program (includes resiliency and sewage)
• Education 15% or $1.95 billion invested in primary and secondary schools, CUNY and SUNY
• Health 10% or $1.3 billion invested in health care and mental health
• Affordable Housing 10% or $1.3 billion invested in NYC Housing Authority (NYCHA) and NYS Homes and Community Renewal (HCR)
• Local Government Aid 5% or $650 million invested in Aid and Incentives for Municipalities (AIM) programs
  
  Help repeal the Stock Transfer Tax rebate
  Please contribute to:
  End the Stock Transfer Tax Rebate Campaign
  by visiting the website
  GreedvsNeed.org

  On to a Humongous legislative Victory!
  Ray Rogers, Director
  End STT Rebate Campaign
  GreedvsNeed.org
  info@GreedvsNeed.org
  Corporate Campaign
  Corporateampaign.org
  718-852-2808

Co-sponsors as of October 2024:
SENATE SPONSORS (17): SANDERS, BRISPORT, CLEARE, COMRIE, FERNANDEZ, GIANARIS, HOYLMAN-SIGAL, JACKSON, MAY, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SEPULVEDA, SERRANO, STAVISKY

ASSEMBLY SPONSORS (44): STECK, JACOBSON, STIRPE, BURKE, EPSTEIN, SIMON, LUPARDO, HUNTER, REYES, WILLIAMS, KIM, BENEDETTO, L. ROSENTHAL, JOYNER, WALLACE, FAHY, DINOWITZ, CRUZ, RIVERA, TAYLOR, DICKENS, GUNTHER, SEAWRIGHT, CARROLL, GLICK, DAVILA, COOK, BRONSON, BICHOTTE HERMELYN, DARLING, ANDERSON, WALKER, MEEKS, KELLES, LUNSFORD, JEAN-PIERRE, ZINERMAN, CLARK, BURDICK, FALL, SILLITTI, SEPTIMO, SIMONE, CONRAD