New York Democrats Push to Bring Back State Tax on Stock Sales
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The threat of deep cuts in federal funding from the Trump administration is reigniting a push to bring back New York’s tax on stock sales.
The levy would be similar to a sales tax on goods and services, with stock buyers paying, on average, half a penny per dollar of stock, according to the proposed legislation by a group of Democratic state lawmakers who estimate it will bring in as much as $16 billion annually. The revenue would be dedicated to New York City’s transit system, K—12 education, healthcare and renewable energy projects, they said.