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

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 ...