Hawkins New Video - Just Because: Mad About the Stock Transfer Tax


Howie Hawkins for Governor - Green Party
Media Release
www.howiehawkins.org - www.gpny.org


For Immediate Release: October 4, 2010
For More Info:
Howie Hawkins, 315-474-7055
Mark Dunlea, 518-860-3725

 

Howie Hawkins, the Green Party candidate for Governor, has released a new video on his ongoing campaign to stop the $16 billion annual rebate of the Stock Transfer Tax to Wall Street Speculators.

 

http://www.youtube.com/user/urbandisasterrecords#p/u/6/9hR_AiDgfk4

 

Stopping the rebate of the Stock Transfer Tax is a central part of Hawkins' plan to create a $25 billion state budget surplus.

 

New York State presently collects a very small tax on each stock transfer, which it started in 1905. The tax is negligible for individuals who are making long term investments. It primarily impacts those who buy and sell stocks frequently, such as those who utilize computer trading programs that have greatly contributed to the increasingly common wild swings in stock prices. However, New York rebates the tax to Wall Street traders after it is collected. It did not repeal the tax outright because its proceeds were part of the state revenue stream that guaranteed repayments of the bonds used to bail out New York City when it was bankrupt.

 

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