NYS Gets $3 Billion For Budget
 
(Manhattan, N.Y.) Bruce Ventimiglia, co-chair of BALCONY (www.balconynewyork.com) and chairman and president of Saratoga Capital Management, LLC (www.saratogacap.com), an asset allocation company based in Garden City, New York, today (Wednesday) called for the return of the stock transfer tax as a way to bring an estimated $3 billion into the New York State coffers.  The stock transfer tax is already in place in New York State however it is currently rebated in full.  Mr. Ventimiglia asserts that were the rebate reduced by a mere 20%, or less than a penny a transaction, New York State would collect enough funds to cover nearly a third of New York State’s enormous budget deficit. 
 
Mr. Ventimiglia stresses that this “non-punitive, common sense temporary revenue enhancer” is the right option for both New York State and Wall Street, emphasizing that it would help save vital services now on the chopping block while still providing a “sound operating environment for the world’s financial capital.”
 
BALCONY, the Business and Labor Coalition of New York, represents more than 1,000 New York businesses, labor unions, and trade associations. BALCONY seeks common ground in the public policy debate in New York to spur economic development through the adoption of business/union friendly, socially responsible common sense laws that maintain and improve the quality of life for working New Yorkers.
 
Mr. Ventimiglia has over 25 years of experience in the financial services industry. Prior to forming Saratoga Capital Management, LLC, Mr. Ventimiglia was a Senior Vice President of Prudential Securities Incorporated. He was also a member of the firm’s Operating Council (one of the firm’s three governing bodies) and the Service Advisory Council. The following is Mr. Ventimiglia’s official statement.