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New York Sees Push to Tax Stock Trades With Revenue in Free Fall

July 20, 2020, 1:33 PM

Democrats in New York, the world’s financial capital, may finally have the right moment to resurrect the state tax on stock trades.

One-fifth of the state’s revenue is disappearing, leaving a projected four-year deficit of $61 billion. Progressive Democrats are on the ascent in the state legislature. Stock trading has surged. And taxing it would raise $13 billion a year to avert painful cuts to government services during a pandemic that’s exaggerating economic and racial inequality.

“If ever there was an opportune moment for New York to resurrect its stock transfer tax, it’s now,” said Andrew Silverman, a Bloomberg ...