by Ed Ciaccio
January 4, 2011
“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” – Warren Buffett
As Ralph Nader and others have pointed out, NY State’s $9.3 billion budget deficit, the excuse given for austerity causing service cuts and pressure on unions to freeze wages and cut employees, can be more than made up by using the current NY State Stock Transfer Tax.
That tax, which generated $16 billion in 2010, more than enough to balance the budget, with $7 billion to spare, has been automatically rebated since 1979, instead of being used as revenue to fund necessary state services, including the jobs of NY State and City employees.