This simple, very simple answer to a very complicated problem: The Defecit in New York is made simple. Below it is being submitted again, by me in Sept. 2011, as it was revised since Feb. 2011. It reads:
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Be it Resolved, that the New York State Stock Transfer Tax Rebate be immediately Repealed and cease to exist, and therefore,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.
What does everyone think?
Received a call from the Committee. It is on the agenda after some glitch. Anyway, I will be attending the Seminar in Lake placid in a week. keep those toes crossed. February 2011 at the last introduction for discussion only, only 1 member was not in favor of it. Anyone want to guess which County that Legislator was from? This Resolution has been in the pipeline for some time now. I’ve been working on it for 3 1/2 years to get it this far. Time for the Governor to move on it and not procrastinate.