Share This On FacebookPoughkeepsie Journal Article May 24, 2011 Letter to the Editor:
Recently I submitted a resolution in February 2011 to the New York State Association of Counties (NYSAC) in the Intergovernmental Relations and General Government Committee, a Committee on which I sit.
It is a resolution “Repealing the Amendment” to the Stock Transfer Tax former New York State Gov. Hugh Carey had initiated in 1979.
The Amendment Gov. Carey put into place gives the $ .05 cent tax on Socks transfered on Wall Street, even online Transactions in New York Stock Exchange, back to the stockbrokers and speculators instead of back to New York State ? Why?
This simple Repeal allows the ” Original Stock Transfer Tax ” funding to go back to the State of New York. ” A VERY Simple Solution indeed “!
The law was signed into law by former New York State Gov. Frank W. Higgins in 1905. This law assisted the country and helped fund World War I, World War II, the Korean and Vietnam wars.
Doxsey writes, ” Today, New York State is in a dire need to get out from a $12 BILLION Dollar Debt. The Stock Transfer Tax amounted to $16.5 BILLION Dollars in 2009. This would surely help New York State get out of debt in a years time “.
With the endorsement of the NYSAC sub-committee and its members, which consist of many counties’ legislators, supervisors and mayors, immediate implementation is my goal. We will submit a final draft at the NYSAC conference in Lake Placid this fall. Although I am eager to have it sooner, government moves slower than I wish.
” The governor has requested answers, not suggestions in very difficult times. This very simple repeal does just that “.
Honorable Mr. James R. Doxsey
Dutchess County Legislator, District 1
55 Buckingham Avenue
Poughkeepsie, New York 12601
Town of Poughkeepsie Democrats
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Even at a mere $.01 cent instead of the full $.05 cents makes sense. This would Gain New New York Taxpayers a $3.1 BILLION Dollars to help fund items like Infrastructure, Schools, Emergency Services plus a whole lot more. When we get out of debt, in a years time or so then decide where to go with the Resolution. Enact now before we go deeper, if that is possible, into greater debt.
Jim Doxsey Writes new Resolution being submitted at the NYSAC Conference in Lake Placid Sept. 25, 2011:
It reads: A Repeal of the 1979 Amendment to the New York State Stock Transfer Tax of 1905:
Whereas, New York State implemented the 1905 New York State Stock Transfer Tax to provide needed revenues to New York State and
Whereas, the intention of the 1905 Stock Transfer Tax was to give the New York State Economy and New York State Residents much needed revenue for maintenance and growth of New York State , and
Whereas, The New York State Stock Transfer Tax is $.05 per share on each and every transfer and is paid by the investor, and
Whereas since 1979 New York State rebates the tax, not to the taxpayer, but to the Wall Street brokers and speculators, and
Whereas, the time has come to restore necessary lost revenues to New York State as the 1905 Stock Transfer Tax was originally intended for, and
Whereas, a repeal of the 1979 Rebate of the New York State Stock Transfer Tax should be placed into immediate effect to maintain all revenues for the maintenance and growth of New York State ,and therefore,
Be it Resolved, that the New York State Stock Transfer Tax Rebate be immediately Repealed and cease to exist, and therefore,
Be it finally resolved, that New York State collect and utilize all revenues from the 1905 Stock Transfer Tax for the maintenance and growth of New York State.
I had submitted this at the NYSAC ( New York State Association of Counties ) Conference in February 2011, the response was over whelmingly positive. I needed to make a slight change, I submitted the revisions a few days ago to meet the Resolution deadline of August 18, 2011.