The Business Council of Westchester has joined with 26 statewide financial and business organizations in a letter to Gov. Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Hastie in opposition to re-imposing any form of stock transfer tax (STT).
“Such a tax would damage New York’s position as a global financial capital, resulting in shrinkage of an industry that is the largest contributor to our economy and tax base. While some see this as a tax on the securities industry itself, it is actually a tax on working families saving for retirement and college, pension funds that secure retirement for millions, as well as many individual investors, foundations and endowments,” read the letter.
The letter stated that the cost of any amount of the STT would ultimately be passed on to both large and small investors. “Public and private pensions and retirement funds, charitable organizations, and everyday savers and investors would pay more to save. Any tax on these transactions will reduce the account balances of savers in New York, which would result in New Yorkers having to work longer to meet their goals for retirement, home ownership, college, or any other future investment goal.”
Among the organizations signing the letter were the New York Stock Exchange, NASDAQ, New York State Economic Development Council, Partnership for New York City and the Business Council of New York State.