Rally in front of the New York State Stock Exchange to Reinstate the Stock Transfer Tax

April 20, 2025 | Events

Corporate Campaign, macquoidd@nyassembly.gov, Posted: April 20, 2025, Event Date: April 23, 2025

Media Advisory

Assemblymember Steck and Senator Sanders to co-host Press Conference in front of the New York State Stock Exchange about Reinstating the Stock Transfer Tax

Assemblymember Phil Steck and Senator James Sanders will join representatives from the Corporate Campaign, New York State Council of Churches, the New Economy Project, and other advocacy organizations for a press conference urging New York State to reinstate the Stock Transfer Tax. 

Originally enacted in 1905, the Stock Transfer Tax was a modest half-penny levy on stock trades. However, it was repealed in 1981, resulting in an estimated loss of $13 to $17 billion in annual revenue for the state.

With the looming threat of reduced federal funding, it is more critical than ever for New York to explore sustainable revenue sources. Reinstating the Stock Transfer Tax would provide much-needed funding for essential programs, including the Metropolitan Transportation Authority (MTA), the Consolidated Local Street and Highway Improvement Program (CHIPS), the State University of New York, and various healthcare programs.

What: Press conference discussing the importance of reinstating the Stock Transfer Tax         (a1494a/s1237)

When: Wednesday, April 23rd at 12 PM

Where:  Former JP Morgan Building, across from the New York Stock Exchange, 23 Wall Street Staircase, New York, NY 10005

Speakers

Assemblymember Phil Steck (D-110th AD)

Senator James Sanders (D-10th SD)

Ray Rogers, Director of the Corporate Campaign

Reverend Peter Cook, Executive Director of the New York State Council of Churches

Rashida Tyler, Deputy Executive Director of the New York State Council of Churches

Andy Morrison, Associate Director of the New Economy Project

Jim Henry, Attorney and Economist, Global Justice Fellow/Yale University, Tax Justice Network Member

Gloria Mattera, Co-Chair of the Green Party of New York 

John Mudd, Midtown South Community Council

Eric Weltman, Food & Water Watch

Elizabeth Mackey, Homelessness Union of VOCAL-NY 

Kezilar Cornish, Leader of the Civil Rights Union of VOCAL-NY 

Contact:  Dylan MacQuoid

518-937-2718 (cell phone)

macquoidd@nyassembly.gov

ADDENDUM A: Rashida Tyler’s Quote

“Christians around the world just observed its holy week—a sacred time of reflection and renewal—it also reminds us of the moral obligation of each of us to care for the common good and seek justice”, said Rashida Tyler Deputy Executive Director of the New York State Council of Churches. “Reinstating the modest Stock Transfer Tax, is not an onerous burden on Wall Street, but rather the least that can be done to ensure fairness and equity in our state taxation system. Why should anyone buying food or clothing for their family have to pay more in taxes than someone buying or selling stocks? Working New Yorkers do not get to recoup the 8% they pay everyday on their essential purchases. Meanwhile, religious institutions are seeing increased needs in their communities and are being asked to do more, with less.  Ending the Stock Transfer Tax Rebate is a small step that can yield significant resources to fund the MTA, affordable housing, and vital social programs. In this holy season, let us reject the false narrative that fairness is too much to ask of the powerful. Justice calls us to lift the burden from the many by asking a fair share from the few.”
ADDENDUM B: Peter Cook’s Quote
In the state of New York we charge around 8% sales tax to buy a t-shirt or a new car. When it comes to trading stocks, the state only collects .05% sales tax on a stock trade and then promptly refunds it. It is not fair that New Yorkers, and for that matter any person in the world, who buys something in New York pays 8% but nothing when they buy or sell a stock. This misguided practice damages our economy and our social safety net by depriving it of around 16 billion a year. Disinvestment in our economy also hurts banks and financial institutions which rely on a healthy economy to invest and prosper. We need to collect the stock transfer tax and this time keep it.
 
The Reverend Peter Cook
Executive Director
New York State Council of Churches

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