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Letters to the Editor Sunday, Dec. 20 | The Daily Gazette SECTIONS Stock transfer tax would boost budget Gov. Andrew Cuomo remains opposed to legislation Assemblyman Phil Steck has sponsored for years that would restore the stock transfer tax and raise $12 billion to $15 billion dollars in state revenues annually, and, by itself, largely eliminate the revenue shortfall that has afflicted the state government since the COVID-19 pandemic began in March. The tax is a puny one-quarter of 1%. Most of us pay a combined state and local sales tax of 8% (32 times larger) on many of our purchases. The state collected this tax from the 1910s until the early 1980s, but for nearly forty years, has immediately refunded it.

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