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1
HOUSE RESOLUTION

 
2    WHEREAS, A government must provide for the common good in
3order to function properly, and there is a direct correlation
4between the number of citizens whose fundamental needs are met
5and the percentage of citizens that can be classified as
6productive members of society, with the rate at which they are
7advanced educationally, economically, and technologically; and
 
8    WHEREAS, In Illinois, we see high levels of unemployment,
9and broad declines in healthcare, deteriorating
10infrastructure, shrinking pensions, and retirement savings, as
11workers in the fields of education, healthcare, and public
12safety are laid off as a result of a financial crisis they did
13not create; and
 
14    WHEREAS, Financial exchanges, boards of trade, big banks,
15and high-frequency trading firms have failed our economy, are
16exploiting tax loopholes, and rigging the markets, as evidenced
17by Michael Lewis's book "Flash Boys: A Wall Street Revolt",
18while generating record profits and being rewarded with
19billions in bailouts and bonuses while leaving millions of
20Illinoisans to suffer; and
 
21    WHEREAS, The revenues gained from taxing financial
22transactions may be used for such critical needs as education

 

 

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1and job training, student debt relief, rebuilding public
2infrastructure, public sector jobs, public sector pensions,
3green jobs, expanding and improving Medicaid and Medicare,
4housing assistance for low income households, and protecting
5our environment; and
 
6    WHEREAS, The concept of a financial transaction tax is not
7novel, but has been in existence in England since 1694 at the
8London Stock Exchange, existed in the United States from 1914
9to 1966 as a "securities transfer tax", was in effect in the
10state and city of New York in the 20th century, and was
11approved in 2013 by the European Union for 11 Eurozone
12countries; and
 
13    WHEREAS, The United Kingdom's 0.5% tax on stock trades
14raises their government billions of dollars a year and this is
15not a tax on the public but for the public; this tax would not
16apply to ordinary Illinoisans, their personal savings, their
17pensions, or everyday business and consumer activity such as
18purchases using Automated Teller Machines or debit cards; and
 
19    WHEREAS, The rate of this tax would be set as low as $1 per
20contract for all transactions for which the underlying asset is
21an agricultural product and $2 per contract for all other
22contracts; therefore, be it
 

 

 

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1    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
2NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
3we publicly support, promote, and publicize taxing financial
4transactions at the State level, and we encourage other local,
5national, grassroots, and non-profit organizations, and
6individuals to do the same until the time as such a financial
7transaction tax become law.