Evaluation of a Proposal to Reinstate the New York Stock Transfer Tax
This report considers a proposal to reinstate the New York stock transfer tax (STT)that was phased out between 1979 and 1981. The proposal under consideration would reinstate the tax at half the rate that prevailed at the time of its repeal. The revenues from such a tax, at around $3.5 billion under current stock market conditions, would be shared equally by the governments of New York City and New York State.