Another idea under consideration is activating the state’s stock transfer tax. Then there is the so-called billionaire’s tax, which would tax the unrealized capital gains — or the appreciation of assets not yet sold — of New York’s nearly 120 billionaires. The proceeds would be redirected to workers not eligible for unemployment insurance or federal stimulus money. “There is no combination of savings, efficiencies, tax increases that could ever come near covering the deficit,” he said. Pressure the federal government for help, despite the slim hopes of Democrats and Republicans reaching a deal that would solve all of New York’s financial problems.

Source: New York Times September 08, 2020 09:22 UTC