Full Text of HR0727 101st General Assembly
HR0727 101ST GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The Illinois General Assembly has been asked to | 3 | | consider the imposition of a privilege tax on the transfer of | 4 | | financial assets when this transfer takes place on a market | 5 | | platform that is domiciled within the State of Illinois; and
| 6 | | WHEREAS, Transactions on market platforms domiciled in | 7 | | Illinois play an essential role in creating and stabilizing a | 8 | | global market and global market prices for debt securities and | 9 | | interest, financial instruments, currencies, and essential | 10 | | commodities of all sorts, including foodstuffs, motor fuel, and | 11 | | energy; and | 12 | | WHEREAS, The financial securities that are traded in | 13 | | Illinois-based financial transaction platforms or enjoy market | 14 | | value based upon those platforms are used by millions of | 15 | | Illinois workers to save for pensions and retirement; and
| 16 | | WHEREAS, The CME Group, a market platform domiciled in | 17 | | Chicago, and the transactions carried out on its financial | 18 | | exchanges would be affected by this tax; and
| 19 | | WHEREAS, The CME Group, as a direct entity, pays $50 | 20 | | million in annual taxes to Illinois, prior to and independently | 21 | | of the taxes paid by and on behalf of the thousands of |
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| 1 | | professionals and workers whose jobs are tied to the financial | 2 | | trading markets of Illinois; and | 3 | | WHEREAS, The estimated 100,000 jobs connected directly or | 4 | | indirectly to Illinois financial markets create income tax | 5 | | revenue from wage taxes withheld, sales tax revenue from goods | 6 | | purchased, and other tax and fee revenues essential to the | 7 | | budget of the State of Illinois and its local governments; and
| 8 | | WHEREAS, While an overwhelming subset of the people who | 9 | | hold these jobs are men and women who live and pay taxes in | 10 | | Illinois, the market platforms themselves are electronic ones, | 11 | | and the great majority of the transactions that take place on | 12 | | these platforms can take place anywhere within the United | 13 | | States or anywhere within any of the other nations governed by | 14 | | a financial Rule of Law, with a speed determined by the | 15 | | excellence of electrical engineering; and
| 16 | | WHEREAS, The State of Illinois should protect these | 17 | | platforms and keep these jobs; therefore, be it
| 18 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 19 | | HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 20 | | we support the continued health and operation of the financial | 21 | | transaction markets of Illinois and oppose the concept of a | 22 | | privilege tax on financial transactions; and be it further |
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| 1 | | RESOLVED, That any tax of this type will be passed on to | 2 | | burden the savings activities of people all over the world, | 3 | | including Illinois workers saving for retirement; and be it | 4 | | further
| 5 | | RESOLVED, That suitable copies of this resolution be | 6 | | delivered to the Speaker of the House of Representatives, the | 7 | | Minority Leader of the House of Representatives, the President | 8 | | of the Senate, the Minority Leader of the Senate, the Mayor of | 9 | | the City of Chicago, and the chief executive officer of the CME | 10 | | Group.
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