Join unions, social justice advocates, good government groups and elected officials who will rally to push the state legislature to reconvene and take up revenue raising proposals, primarily the Stock Transfer Tax, to address the economic crisis facing New York.
New York’s Stock Transfer Tax has been levied on stock trades since 1905
Since 1981, the tax has been rebated back to Wall Street
If fully collected, the Stock Transfer Tax is estimated to raise between $14 billion and $19 billion annually
NYS Assemblymember Phil Steck and Senator James Sanders have introduced legislation to require the state to keep the proceeds from this tax (see: A.7791-B/S.6203-A)
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We need the Senate and Assembly to return to Albany to protect essential services across our state by passing revenue raisers that will have a real and substantial impact on the crisis we face. We cannot tinker around the edges. We need proposals such as the Stock Transfer Tax that will generate significant funds that will support health care, higher education and other public services
Meet the crowd!
Meet fellow rally participants and learn why they are attending the Virtual Rally for reinstating the Stock Transfer Tax.
Joseph Dolce:
UUP Member
Geneseo
“It's important that the wealthiest among us return to paying their fair share. It was the unsung premise that made the American middle class a force capable of sustaining this country, it's the only way we can return to being a world leader. We are not labor to be exploited. We are the energy that keeps businesses going.”
Ramona Santa Maria:
UUP Member
Buffalo State
“Support issues in Organized Labor.”
Ray Anderson:
UUP Member
Stony Brook
“The idea of taxing stock trading is a good. Cutting social services is a bad idea!”
Jane Schantz:
UUP Member
Binghamton
“We need funds to support essential services for all New Yorkers at this time of prolonged social crisis.”
John Schumacher:
UUP Retiree
System Admin
“public higher ed and public services in general need additional revenue. I strongly urge legislators to re-consider the stock transfer tax rebate.”
Doug Cody:
UUP Member
Farmingdale
“In these difficult times revenue streams to help pay for important things like education and healthcare are dried up. Opening up a revenue stream by reinstating the Stock Transfer Tax would certainly help.”
Jocelyn Morales:
UUP Member
Old Westbury
“Because students at SUNY deserve better than what they are getting now, many of our educacional institutions are struggling to survive and are being made to cut resources that were insufficient to begin with. Investing is education is worth it and our state should be looking for ways to give students and families in NY what they deserve.”
Susan Lewis:
UUP Member
Binghamton
“I am very concerned about the financial health of SUNY and NYS. While Wall Street gets obscenely richer and richer, the rest of the state's constituents are being starved of resources. I believe public education through higher education can and should be free. I support the campus foodbank, and am dismayed at how much need there is.”
Jim Kolarich:
UUP Member
Buffalo State
“15 years ago I came UUP officials and suggested a Stock Transfer Tax. They said it could not be done and was not interested. Almost every contract negotiating year the State comes back to the table and says they are tight on money and proceeds to negotiate on this premise.”
Sarah Battaglia:
UUP Member
Stony Brook HSC
“We need a budget we can live on! Put this money into higher education where it belongs and not Wall Street!”
Sandra Lewis:
UUP Retiree
Fredonia
“The tax could bring in between $14 billion and $19 billion in new funding each year—dollars that could go to fund public higher education, health care and other essential public services.”
David Lewis:
UUP Member
Albany
“For too long the financial industry has been not paid its fair share. In 2008, when Wall Street was collapsing Citgroup, GE Finance, Goldman Sachs, and Bank of America, and other banks gave out $33 billion in bonuses, while losing over $11 billion. The next year these firms all paid zero taxes or received federal tax rebates making record profits and handing out bonuses to CEO based on the $1.7 trillion dollar bailout (Fiscal Policy Institute). In 2013, Bloomberg News reported that 10 largest U.S. banks by assets, receive taxpayer subsidy of $83 billion a year derived from the Federal Reserve near zero interest rates as reported by the IMF. To put the figure in perspective, it’s tantamount to the government giving the banks about 3 cents of every tax dollar collected.
To this day, the policies that created the subsidy are in place, yet these big banks do not pay their fair share of taxes. Even during the pandemic, they profit while all others suffer. The Dow Jones in June 2010 was about 10,000, it is now over 26,500. Yet from 1964 to 2014, workers in America have received a scant $1.49 an hour raise according to Pew Research. Furthermore, from 1944 until 2016 the percent of federal tax revenues derived from personal income has increased from about 40% to nearly 50% while the percent derived from corporate income taxes has declined from about 40% to roughly 11%.
In economics this is the free rider issue, private economic actors benefiting from the use of public goods (roads, policy, contract enforcement through courts, security, education of the workforce, etc.) without paying for it. Corporate welfare is also an applicable label.
Bloomberg Editorial Board. 2013. Why Should Taxpayers Give Big Banks $83 billion a Year? Bloomberg News. Published February 20, 2013.
Ludder, Sunshine and Parrott, James. 2010. New York has the Ways and Means: How and Why Wall Street Should Give Back to Main Street. New York: Fiscal Policy Institute.”
Marcus Adams:
UUP Member
Albany
“In support of HIGHER EDUCATION budget increases for SUNY.”
Christopher Taverna:
UUP Member
Fredonia
“We need to make funding public services a high priority.”
Danielle Curry:
UUP Member
Stony Brook
“Help do what is best for the people who live and work in New York.”
Ed Quinn:
UUP Member
Stony Brook
“It is important to stand with other union members and our communities to advocate for the well being of everyone. It also sends a clear message to our elected officials with a united voice.”
Maureen Milligan:
UUP Member
Buffalo HSC
“We need to tax the rich, the 1%!!! They need to pay their fair share!.”
Larry Wittner:
UUP Retiree
Albany
“It is vital to fund New York State's public services, and the best way to do that is through progressive taxation, which includes taxing stock transfers and the wealthiest New Yorkers.”
Kate Averett:
UUP Member
Albany
“Students at New York's public colleges and universities deserve a world-class education -- but in order for this to be possible, our schools need to be FUNDED!”
Francesca Spedalieri:
UUP Member
Stony Brook
“Invest in people; invest in the future of Public Higher Education. That's one of the ways we move towards equity and justice.”
Melissa Brown:
UUP Member
Brockport
“An educated populace is necessary for a democracy. It's why Jefferson started the University of Virginia. Public Universities need to be supported by their states to function. Without functioning state Universities, you get fascism. See the last four years. See the mobs protesting vote counting. See easily fooled New Yorkers. See the disparities in how College educated and HS graduates vote. There will be no social justice, no economic justice, and no rule of law without New Yorkers who can think.”
Ruth Cowan:
UUP Member
Stony Brook
“Underfunding of disadvantaged school districts in New York is a major cause of racial injustice.”