YNN
by Web Staff
October 20, 2010

NEW YORK STATE -- What if there was a way to eliminate the state's deficit by collecting what proponents say is a small tax on Wall Street? One that's already collected by the state, but given back each year? That's exactly what Green Party candidate for Governor Howie Hawkins and former presidential candidate Ralph Nader said New York should do in a press conference at the Capitol Wednesday.

Hawkins says a stock sales tax, which would amount to one-twentieth of one percent of a purchase, is already collected by the state to the tune of $16 billion, but due to one line in the law, that tax is returned each year to Wall Street firms. They say it's money that could plug the deficit and pay for other programs at risk of losing funding in the future. And it's an idea that they hope will become a major part of the dialogue with the election only a couple of weeks away.

"Mr. Cuomo should be put on the spot and asked by one of us or a co-moderator of the debate. Why don't we don't we keep the stock transfer tax that we do collect and rebate every year and resolve the fiscal crisis right now?" Hawkins asked.

"It's staggering to me that the reporters in this city have not made an issue out of $16 billion stock sales tax that's collected and then rebated electronically instantly back to the stock brokers," Nader said.

Hawkins is also calling for another gubernatorial debate to let what he called the more credible candidates, clarify their stance on a number of issues facing the state.