HR0101 98TH GENERAL ASSEMBLY

HR0101 LRB098 10561 GRL 40806 r

HOUSE RESOLUTION

WHEREAS, A government must provide for the common good in order to function properly; there is a direct correlation between the percentage of citizens in a society whose fundamental needs are met and can be classified as productive members of society, with the rate at which that society advances educationally, economically, technologically, and in terms of the well-being and the decreased tendency towards illicit behavior by its citizens; and

WHEREAS, The members of this body have a natural concern for the welfare of children and youth; in the years since the recent 2008 financial crisis, the number of children living on the streets, in shelters, motels, or doubled-up with other families jumped 38% to 1.6 million nationwide; and

WHEREAS, In the last 5 years, 43 states have cut student funding for higher education, as the cost of post-secondary public education continues to rise faster than the cost of healthcare; and

WHEREAS, Across the nation, there are higher levels of unemployment, broad declines in health, crumbling infrastructure, shrinking pensions and retirement savings, and workers in the fields of education, health care, and public safety being laid off due to a financial crisis they did not create; and

WHEREAS, Wall Street and the big banks have failed our economy and are exploiting tax loopholes, while generating record profits and being rewarded with billions in bailouts and bonuses and leaving millions of Americans to suffer; and

WHEREAS, A recent iteration of a financial transaction tax bill called the "Inclusive Prosperity Act", which is popularly known as the "Robin Hood Tax" (H.R. 6411), called for the revenues gained to 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; the tax has been implemented in some 40 countries across the globe and was in effect in the United States from 1914 to 1966 and is currently in place in New York City; and

WHEREAS, The United Kingdom's 0.5% tax on stock trades raises their government billions of dollars a year; this tax, which collects tax revenues for the public rather than on the public, would apply to Wall Street banks, hedge funds, and other financial institutions and would not apply to ordinary Americans, their personal savings, or every day business and consumer activity, such as purchases using ATM's or debit cards; and

WHEREAS, The rate of this tax would be set as low as 50 cents on every $100 of trades and would target reckless short-term financial speculation that drove previous economic crises, pushed up gas and food prices in the US and around the world, and continues to threaten financial stability; and

WHEREAS, The Inclusive Prosperity Act is supported by such organizations as National Nurses United, the National Organization of Women, Jobs with Justice, Oxfam America, MoveOn.org, Greenpeace, 350.org, Noble Prize winning economists Joseph Stiglitz and Paul Krugman, and business leaders George Soros and Warren Buffett; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we show our support for the re-introduction and passage of the Inclusive Prosperity Act, otherwise known as the Robin Hood Tax (H.R. 6411 of the 112th Congress) and encourage the people of this State to show their support for the Inclusive Prosperity Act as well; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the President of the United States and the members of the Illinois congressional delegation.