The 2025-26 school year is an increasingly distant memory and most of us have two more months of sunny days ahead, but there are several issues plaguing our union. The two challenges that are at the forefront right now are the continuing battle to fix Tier 6 and remedying the unfair and unconscionable pay rates of our paraprofessionals through the paraprofessional RESPECT check (which should only be the first of many steps to net our paras a decent wage). Our union has made inroads in both areas. The retirement age for Tier 6 UFT members was recently lowered by five years from 30/63 to 30/58. Additionally, almost all council members have signed on in support of the RESPECT check, which will be voted on by City Council members tomorrow. However, we still have mountains to climb in both areas. Having a stack of money to help us reach the summit would certainly make things easier.
When trying to figure out how to realistically tackle these seemingly insurmountable obstacles, we often get the same responses: Contact your local council member or legislator. Write letters. Call their offices. Tag them on social media. Wear blue in solidarity. Take bus rides up to Albany to try to sway lawmakers into cosigning Tier 6 enhancements. While all that may help and could be effective, we also need to be practical. Fixing Tier 6 and getting paras the RESPECT check they rightfully deserve will cost a lot of money. The RESPECT check alone would cost north of a quarter billion dollars per year. The improvements recently made to Tier 6 will cost the state $557 million annually. If we propose a way to fund these endeavors, as well as further upgrades in the future, those in charge will be more inclined to listen. One solution originally proposed by Michael Shulman of New Action is to restore the Stock Transfer Tax (STT).
The STT is a miniscule tax (five cents) on any stock trade worth more than $20. It served as a valuable revenue stream for New York State until 1981, when those taxes went right back to Wall Street. It is a drop in the bucket, but because of the sheer volume of daily trades, the STT would collect in the vicinity of $14 billion per year. Many other countries throughout Europe, Asia, and South America implement a tax on financial transactions, so this isn’t unprecedented. It’s also important to note that the STT has substantial political backing. Last April, Senator James Sanders Jr. and Assemblymember Phil Steck, spoke out in favor of restoring the STT. Steck also proposed a bill in 2021 to reinstate the STT. The bill has more than 50 co-sponsors, but has not seen any progress. That has to change.
Restoring the STT may not be the be-all end-all solution to fully reforming Tier 6, increasing pay for our paraprofessionals, or repairing our other monetary issues. We certainly would not be the sole recipients of the windfall. Nevertheless, it is a pragmatic suggestion that could actually grab the ears of our legislators rather than appealing to their generous nature. Mayor Mamdani has repeatedly dwelled on the city’s budget deficit, which may set the stage for difficult contract negotiations next year. The STT could be a step in the right direction to solving some of our current and forthcoming problems sooner rather than later.
New Action - UFT 