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The Spectulator's Rebate
By RALPH NADER
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Surprisingly, there is a simple way to eliminate the state deficit and prevent tens of thousands of layoffs and large service cutbacks.
What most New Yorkers do not know is that for about a century there has been a state stock transfer tax on purchases of securities. This year, this tax, similar to ones imposed in 30 other countries, will amount to about $16 billion. Amazingly, since 1979, this tax has been instantly rebated by New York State back to the brokers or clearinghouses who paid it. A 100% rebate every year for the bailed out industry that caused the recession and its immense human damage.
Obviously the stock exchanges and their brokers wield big political power. Flush with arrogance, bailouts and profits, they have no shame. So after blocking a tax on those unconscionable bonuses that outraged so many Americans, the securities industry has made sure that neither the Democratic nor Republican candidates for Governor utter a peep about retaining this $16 billion in tax revenues to get the state out of its dire straits.
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http://www.counterpunch.org/nader08062010.html
Anyone heard of it ?
By RALPH NADER
...
Surprisingly, there is a simple way to eliminate the state deficit and prevent tens of thousands of layoffs and large service cutbacks.
What most New Yorkers do not know is that for about a century there has been a state stock transfer tax on purchases of securities. This year, this tax, similar to ones imposed in 30 other countries, will amount to about $16 billion. Amazingly, since 1979, this tax has been instantly rebated by New York State back to the brokers or clearinghouses who paid it. A 100% rebate every year for the bailed out industry that caused the recession and its immense human damage.
Obviously the stock exchanges and their brokers wield big political power. Flush with arrogance, bailouts and profits, they have no shame. So after blocking a tax on those unconscionable bonuses that outraged so many Americans, the securities industry has made sure that neither the Democratic nor Republican candidates for Governor utter a peep about retaining this $16 billion in tax revenues to get the state out of its dire straits.
...
http://www.counterpunch.org/nader08062010.html