Restoring the Stock Transfer Tax Rebate in New York could provide essential funding for affordable housing, health care, education, public transit, and infrastructure improvements. Since the full rebate began in 1981, the state has seen a loss of about $600 billion, impacting New Yorkers' quality of life. Economist James Henry estimates that reinstating a small stock sales tax could generate an additional $40-60 billion annually, which is critical for addressing inadequate funding and rising public service needs, particularly following cuts made under President Trump.
New York has lost an estimated $600 billion since it fully rebated the Stock Transfer Tax in 1981, impacting funding for crucial public services.
James Henry reports that New York could recoup $40-60 billion annually from a reinstated stock sales tax to address funding needs, especially for public services.
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