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December 29, 2003

Governor dismisses idea of tax on stock transfers

A new tax on stock trades "could be counterproductive and drive markets and trades out of New York," Governor Pataki said last week.

"The essential thing is that we be the financial capital of the world," the Governor said. "I don't want to see us adopt anything that would set us back."

He made the remark in a wide-ranging end-of-the-year press conference Dec. 22 in Albany.

The Governor also said he is "very encouraged that Sen. Bruno and Speaker Silver both said no new taxes in 04-05, and I think that clearly means we will have no new taxes in 04-05."

He also said it would be a mistake to postpone already enacted tax cuts, adding: "I'm going to do everything in my power to see in fact that they do expire."