Tax stock transfers to cut deficit

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Did you know:

* there is a way to wipe our New York State deficit without new taxes?

* our governor and our legislators have the power to do this now?

* by collecting pennies we would have about $16 billion this year?

* that this miracle is called the New York State Stock Transfer Tax?

 Our solution is so simple. Currently there is a tax of pennies on every dollar of stock bought from a firm that trades on Wall Street. Incredibly, this tax is refunded to the buyer.

For this year only, New York State should collect and not rebate the stock transfer tax.

Wall Street traders are doing well without this money, and New York needs it. Instead of the rebate, put the money into the general fund, thereby eliminating the state deficit.

In addition the state would have more than five billion in operating capital and the opportunity to fund much needed job creating initiatives. We would be able to continue our “save harmless” policies for education, maintain our police and fire departments, fix our roads and have a cushion for our future.

Sandra Salat

Great Neck

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