A New York state assemblyman from the Hudson Valley has authored legislation to reinstate a tax on banking corporations.
Democratic Assemblyman James Skoufis has introduced a bill that he says will ensure that Wall Street banks pay their fair share. Skoufis introduced the bill to amend the tax law to reinstate a franchise tax on banks, known as the “Bank Tax,” saying hardworking families should not have to subsidize Wall Street’s largest, most profitable banks. He says that at a cost to taxpayers of $200 million, the 2014-15 state budget eliminated the franchise tax on banking corporations, and he wants to re-establish that tax. His bill has seven co-sponsors. There is no Senate version of the bill.
