New York Democrats Want To Tax Stock Trades As State Revenues Plummet

Bugsy

Bugsy

Progressive democrats "are on the ascent" in the state's legislature while, at the same time, stock trading in the state is on the rise. As a result, the progressives smell blood, as taxing these trades could raise $13 billion per year and stop cuts to numerous government services. Andrew Silverman, a Bloomberg Intelligence analyst said: "If ever there was an opportune moment for New York to resurrect its stock transfer tax, it’s now. The state legislature is probably more amenable now than at any time in decades." The stock transfer tax could drive revenue from outside of the state, as well, as it taxes trades that occur in New York, even if the person directing the trade is out of state. About 100 members of the 213 members of the New York legislature signed a letter last month suggesting that the state consider raising taxes on the rich before it cuts spending. Democrats have also proposed raising taxes on billionaires and large corporations. There is currently a 100% rebate on the tax that has been in place since 1981 when the New York Stock Exchange threatened to leave New York.
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The proposed bill is arguing for a 1.25 cent tax on the sale of stock worth $5 or less and a tax of up to 5 cents for stock worth over $20 per share.
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https://www.zerohedge.com/markets/new-york-democrats-want-tax-stock-trades-state-revenues-plummet
 
Sig said:
Of course no NY democrat actually stated that they wanted to tax stock trades, a reporter is just apparently predicting that they will. Good for riling up the right wing base, but in and of itself entirely baseless.
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If only AOC and Hillary had jointly proposed it.
 
Sig said:
Of course no NY democrat actually stated that they wanted to tax stock trades, a reporter is just apparently predicting that they will. Good for riling up the right wing base, but in and of itself entirely baseless.
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That's just a typical day for left wing media.
 
athlonmank8 said:
That's just a typical day for left wing media.
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Most of us can understand the difference of reporting on what someone in a party is actually proposing or doing vs speculation by a reporter on what they might do. Can you?
 
Sig said:
Most of us can understand the difference of reporting on what someone in a party is actually proposing or doing vs speculation by a reporter on what they might do. Can you?
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Yeah I read CNN and Yahoo News quite a bit to see what the left has to say, so I'm very well-versed in political bias in journalism and flat out lies. There's certainly no shortage on those two sites. Hell, seems like all of mainstream media is going that route now.

Bernie ran strong on this idea so I'm really not even sure why you're disputing it so hard. With that said, I don't read ZH due to it usually being BS.
 
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Sig said:
Most of us can understand the difference of reporting on what someone in a party is actually proposing or doing vs speculation by a reporter on what they might do. Can you?
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If it were not for the fact that the MSM media and the democratic party go hand in hand and complement each other with the progressive ideas.
 
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