CPEG Presentation: A LaSalle Street Tax to Save Budgets and Clean Up Exchanges

At a July 19th Community Forum entitled The Illinois Budget Crisis, Workers’ Rights and Revenue, CPEG’s Ron Baiman gave a presentation on how a LaSalle Street Tax (also known as a Financial Transaction Tax), could save the Chicago and Illinois budgets and clean up exchanges such as the Chicago Mercantile.

In addition to the potential for billions in revenue for ailing budgets, Baiman noted that, in direct contradiction to frequent fears cited by opponents of the tax, “There are Financial Transactions Taxes on various financial markets in the United Kingdom, Switzerland, Hong Kong, Brazil, France, Singapore and other countries; in most cases the tax is at a higher rate than proposed under [current legislation]. These are all large markets that have not been hurt by the tax and exchanges have not moved away.”

Download the full presentation (.pptx)

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