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NY should rescind the Stock Transfer tax rebates. They are losing out on ~$16 billion in tax revenue annually.
by sacomo 5y ago
NY should rescind the Stock Transfer tax rebates. They are losing out on ~$16 billion in tax revenue annually.
- est31 5y agoSomething tells me that many people won't pay those 16 billion and will move to a different place instead. NYSE isn't the only stocks market in the USA.
- sacomo 5y agoGood riddance. We shouldn't base our society on how good we are at begging rich people to chip in a bit.
- iandanforth 5y agoFYI it's "good riddance".
- sacomo 5y agothanks.
- fennecfoxen 5y ago"Good riddance," you say, waving goodbye to all the Wall Street based jobs that pay Wall Street income tax to support universal pre-K in the Bronx. "We don't need their kind around here anyway ruining society" you say, as the MTA makes overnight service cuts permanent for lack of funding.
- sacomo 5y agoalso, just to add. The Stock Transfer Tax started in 1909. They were paying until the 80s when the state started rebating it at 100%. Its is a 0.5% sales tax on the value of stock trades, 0.1% on debt and 0.005% on derivatives. The NYSE was doing fine when everyone was paying it.