Friend --

The recent showdown between Wall Street hedge funds and everyday people, using apps such as RobinHood to buy shares of GameStop, reveals a great deal about our financial system.

Big money on Wall Street has manipulated the market for decades, creating artificial booms and busts which enable short term profit at the expense of stability and sustainable growth.  Recently, the “Big Shots” got a taste of their own medicine, as people investing small amounts managed to send the price of GameStop stock from around $20 to almost $400 in two weeks.  Hedge funds which had bet on GameStop to fail were forced to settle contracts and lost billions of dollars.

It's not hard to see that wild swings in stock price do not reflect the actual value of the business, but rather the whims of gamblers in a high tech casino.  Financial trading has grown increasingly detached from reality — we see profits soar on Wall Street while, at the same time, businesses are closing and people are out of work and cannot pay rent.

What if we could put the brakes on speculative trading and, at the same time, raise funds to provide immediate relief for those who lack food, housing and medical care?  We can do just that with the Stock Transfer Tax, a small tax on the sale of stock.

You have to pay a sales tax on shoes, school supplies and dozens of other household items. Why should Wall Street profiteers be exempt?

New York has rebated the Stock Transfer Tax, which averages $15 billion yearly, since 1981. That means we give enough money to close New York’s current budget deficit back to Wall Street every year.

A transaction tax would also discourage "flipping" stocks and other shenanigans by imposing a marginal cost on trading.  Investors would profit more by holding stock long term, and investing based on the actual success of the business.  Meanwhile, we use the money we collect to provide vital help to people who need it the most.

The Green Party of New York has always supported a Stock Transfer Tax, while other political parties have offered distractions and excuses.  We kept talking about this when no one else would.  Now the subject is again being taken seriously, and proposals have been introduced in the legislature.  We need your help to make sure progressive voices are heard.

Click here to email your legislators and tell them that we need a Stock Transfer Tax in New York! 

If you can, help us with a Twitter storm today on this topic! Here’s a list of how to tweet at and what to tweet!

Twitter Storm for Stock Transfer Tax

Targeted Electeds Twitter Handles:

Governor Cuomo - @NYGovCuomo

Assemblyman Phil Steck, Sponsor - @philsteck

Senator James Sanders, Sponsor - @JSandersNYC

Speaker of Assembly - @CarlHeastie

Senate Majority Leader - @AndreaSCousins

Also tag @GPNY

Sample Tweets:

NY has rebated the Stock Transfer Tax, avg $15B year since 1981. That is enough to close the NY current budget deficit.  #PassA3353/S1406 #stocktransfertax

Stop the NY Stock Transfer Tax Rebate and close the budget gap.  Support A3353/S1406.

#taxtherich #stocktransfertax

Let’s take the Stock Transfer Tax revenue “To The Moon!” 🚀

PS. While you’re at it, consider making a donation to the Green Party of New York or becoming a monthly sustaining member. Help us continue the activism New York needs to become a better place for us all.

Green Party of New York
http://www.gpny.org/