Mayor de Blasio would be able to keep all of his campaign promises by requiring Tax Stamps to be placed on certain legal filings. That is to say, in order to bring a lawsuit in the Big Apple and the boroughs, plaintiffs should be required to buy and affix a "special tax stamp" to their legal complaints. With these proceeds, New York could afford to pay for universal prekindergarten, and so many other worthwhile programs that our town so desperately needs. The cost of these tax stamps would range between $100 and $1000, depending on the type of action and amount in dispute. After expenses, Tax Stamps will generate over 100 million dollars a year.
David Selig is a federal tax practitioner at Selig & Associates, Inc., and a frequent guest on Thom’s television and radio programs.