BALCONY endorses 20 percent reduction in stock transfer tax rebate

[Omaha Steve]

http://www.laborradio.org/node/14062

Submitted by Jesse Russell on August 23, 2010 - 2:24pm
Printer-friendly versionPrinter-friendly versionSend to friendSend to friend

Bruce Ventimiglia is co-chair of BALCONY- the Business and Labor Coalition of New York. He says with New York facing a budget crisis the likes of which it has never seen, BALCONY is endorsing a 20 percent reduction in the stock transfer tax rebate. That would erase nearly a third of the state budge deficit.

: “It would equate to nearly $2.9 billion dollars in additional tax revenue to help us offset nearly a third of the projected budget deficit.”

Until 1979 the entire stock transaction tax was collected by New York state. By 1981 100 percent of it was rebated. Ventimiglia wants Wall Street to pay 20 percent of the tax to the state. He says business and labor has to work together for both to succeed and in this case it means Wall Street stepping up to the plate.

: “Labor and business are frankly joined at the hip. I think for both labor and business to succeed the collective sum f business and labor has to work well together. One part can’t be working and the other not for us to succeed.”