From the Morning Memo:

A coalition of groups this week is pushing for the implementation of a 0.5 percent tax on stock buybacks in the state budget they say will bring New York an additional $2 billion.

The organizers for the campaign for the tax include VOCAL-NY, Fiscal Policy Institute, Strong Economy for All, Professional Staff Congress – CUNY. Also supporting it are members of New York Communities for Change, CWA and the Nurses Association.

The hope is that the added revenue would go toward programs in the budget that benefit affordable housing, health care and public education.

“Wall Street corporations have responded to the Republicans’ massive cut in the corporate tax rate by buying back their own stocks. The richest shareholders get much richer and working people get nothing,” said Barbara Bowen, the president of the Professional Staff Congress.

“New York State deserves a share of this huge windfall to close the budget deficit and return some of taxpayers’ hard-earned money to ordinary New Yorkers. It’s criminal that New York’s great public resources—like the City University of New York—are starved of funds while Trump gives the gift that keeps on giving to the rich. A stock buyback tax would make a start on setting that right and allow the state to invest in its real future — its young people.”

The groups plan to rally at the New York Stock Exchange to push the plan.

It’s unlikely lawmakers, especially Republicans in the state Senate, will embrace such a move. The GOP conference is already opposed to Cuomo’s budget provisions that increase taxes and fees by $1 billion in order to close a $4.4 billion shortfall.