Full Text of HR0990 98th General Assembly
HR0990 98TH GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, A government must provide for the common good in | 3 | | order to function properly, and there is a direct correlation | 4 | | between the number of citizens whose fundamental needs are met | 5 | | and the percentage of citizens that can be classified as | 6 | | productive members of society, with the rate at which they are | 7 | | advanced educationally, economically, and technologically; and
| 8 | | WHEREAS, In Illinois, we see high levels of unemployment, | 9 | | and broad declines in healthcare, deteriorating | 10 | | infrastructure, shrinking pensions, and retirement savings, as | 11 | | workers in the fields of education, healthcare, and public | 12 | | safety are laid off as a result of a financial crisis they did | 13 | | not create; and
| 14 | | WHEREAS, Financial exchanges, boards of trade, big banks, | 15 | | and high-frequency trading firms have failed our economy, are | 16 | | exploiting tax loopholes, and rigging the markets, as evidenced | 17 | | by Michael Lewis's book "Flash Boys: A Wall Street Revolt", | 18 | | while generating record profits and being rewarded with | 19 | | billions in bailouts and bonuses while leaving millions of | 20 | | Illinoisans to suffer; and
| 21 | | WHEREAS, The revenues gained from taxing financial | 22 | | transactions may be used for such critical needs as education |
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| 1 | | and job training, student debt relief, rebuilding public | 2 | | infrastructure, public sector jobs, public sector pensions, | 3 | | green jobs, expanding and improving Medicaid and Medicare, | 4 | | housing assistance for low income households, and protecting | 5 | | our environment; and | 6 | | WHEREAS, The concept of a financial transaction tax is not | 7 | | novel, but has been in existence in England since 1694 at the | 8 | | London Stock Exchange, existed in the United States from 1914 | 9 | | to 1966 as a "securities transfer tax", was in effect in the | 10 | | state and city of New York in the 20th century, and was | 11 | | approved in 2013 by the European Union for 11 Eurozone | 12 | | countries; and
| 13 | | WHEREAS, The United Kingdom's 0.5% tax on stock trades | 14 | | raises their government billions of dollars a year and this is | 15 | | not a tax on the public but for the public; this tax would not | 16 | | apply to ordinary Illinoisans, their personal savings, their | 17 | | pensions, or everyday business and consumer activity such as | 18 | | purchases using Automated Teller Machines or debit cards; and
| 19 | | WHEREAS, The rate of this tax would be set as low as $1 per | 20 | | contract for all transactions for which the underlying asset is | 21 | | an agricultural product and $2 per contract for all other | 22 | | contracts; therefore, be it
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| 1 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 2 | | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 3 | | we publicly support, promote, and publicize taxing financial | 4 | | transactions at the State level, and we encourage other local, | 5 | | national, grassroots, and non-profit organizations, and | 6 | | individuals to do the same until the time as such a financial | 7 | | transaction tax become law.
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