Archive: Opinions

We are continuously baffled that funding for social service programs and education are often the first in line for the chopping block during economic crunches. Exacerbating my bewilderment are the profit margins of parsimonious corporate entities such as GE, Verizon, Monsanto (just to name a few!). Where is the justification for corporate giants to weigh in at over $14 billion dollars in profit and be granted $3.2 billion dollar tax breaks while at the same time Joe/Jane Shmoe is making $7.50 an hour working 55 hours a week and can't even get $100 a month for food stamps?

Two of the biggest "tax breaks" (I like to call is corporate welfare) are the Stock Transfer Tax and the Income Tax Surcharge. There framework is as follows:

In layman's terms, since its inception in 1905 the stock transfer fee (up to .5 cents per share) has been collected when stock is traded by institutional investors like Goldman Sachs. It generates annual revenue of roughly $14 billion for New York State. Since 1981 it was decided that all of the proceeds that were previously kept by New York State would be returned to the and big companies on Wall Street rather than be distributed to support our Teacher's, Social Workers and health care workers.

Similarly, the Income Tax Surcharge (which is collected on people whose income is greater than $200,000) has brought in over $4 billion since its implementation in 2009. The tax is expiring this year and governor Cuomo and the majority of the state senate are not supporting its renewal. What kind of messages does this send about the value of people, education, and the future? What does this say about the priorities of New York State?

Luckily, most people in this country have the freedom to address ethical mishaps and fraudulent economical practices such as these. The following are informational websites as well as a list of representatives that can be contacted should you choose to become more informed and/or involved in how your tax money is being spent.

Stock Transfer Fee:
www.fiscalpolicy.org/CWF_FPI_NewYorkHasTheWaysAndMeans.pdf
Income Tax Surcharge:
www.lohud.com/article/20110223/NEWS05/102230341/Income-tax-surcharge-becomes-major-factor-in=N-Y-budget-talks
Andrew Cuomo:
(518) 474-8390
Senator Thomas O'mara:
(607)735-9671, This email address is being protected from spambots. You need JavaScript enabled to view it.

Rachel Fish
Deborah Fisch-Lewis
Dorrit Ram
Leslie Hibbard-Clarke

v7i16