To the Editor:

One creative way that should be a no-brainer to close the expected $4.2 billion shortfall in our state budget in 2026 and beyond: Assemblymember Phil Steck, a Democrat representing the 110th Assembly District, and Senator James Sanders Jr., a Democrat representing the 10th Senate district, must reintroduce bills reinstating the Stock Transfer Tax.

Then Assembly Speaker Carl E. Heastie and Senate Majority Leader Andrea Stewart-Cousins must fast track votes for the bills and push passage so Governor Kathy Hochul will sign it! Hard stop.

Enacted in 1905, New York State’s Stock Transfer Tax is a sales tax levied on stock trades. The STT taxes each sale of stock worth over $20 at 5 cents. While this small fee amounts to a tiny cost for investors on each transaction, the revenue gains for New York state would be tremendous.

The STT could raise $14 billion to $16 billion annually in revenue to fund essential programs that we all want: healthcare, childcare, education, transportation, renewable energy, affordable housing, rebuilding our rural communities, maybe even reducing income taxes for the middle class, and so much more.

Christine Primomo, R.N.

Ravena