HR0990 98TH GENERAL ASSEMBLY

HR0990 LRB098 20850 MST 58267 r

HOUSE RESOLUTION

WHEREAS, A government must provide for the common good in order to function properly, and there is a direct correlation between the number of citizens whose fundamental needs are met and the percentage of citizens that can be classified as productive members of society, with the rate at which they are advanced educationally, economically, and technologically; and

WHEREAS, In Illinois, we see high levels of unemployment, and broad declines in healthcare, deteriorating infrastructure, shrinking pensions, and retirement savings, as workers in the fields of education, healthcare, and public safety are laid off as a result of a financial crisis they did not create; and

WHEREAS, Financial exchanges, boards of trade, big banks, and high-frequency trading firms have failed our economy, are exploiting tax loopholes, and rigging the markets, as evidenced by Michael Lewis's book "Flash Boys: A Wall Street Revolt", while generating record profits and being rewarded with billions in bailouts and bonuses while leaving millions of Illinoisans to suffer; and

WHEREAS, The revenues gained from taxing financial transactions may be used for such critical needs as education and job training, student debt relief, rebuilding public infrastructure, public sector jobs, public sector pensions, green jobs, expanding and improving Medicaid and Medicare, housing assistance for low income households, and protecting our environment; and

WHEREAS, The concept of a financial transaction tax is not novel, but has been in existence in England since 1694 at the London Stock Exchange, existed in the United States from 1914 to 1966 as a "securities transfer tax", was in effect in the state and city of New York in the 20th century, and was approved in 2013 by the European Union for 11 Eurozone countries; and

WHEREAS, The United Kingdom's 0.5% tax on stock trades raises their government billions of dollars a year and this is not a tax on the public but for the public; this tax would not apply to ordinary Illinoisans, their personal savings, their pensions, or everyday business and consumer activity such as purchases using Automated Teller Machines or debit cards; and

WHEREAS, The rate of this tax would be set as low as $1 per contract for all transactions for which the underlying asset is an agricultural product and $2 per contract for all other contracts; therefore, be it

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