Following a June 7th presentation to the Illinois legislature by CPEG members Ron Baiman and Bill Barclay, which occured during a hearing on proposed bills to create a “LaSalle Street Tax”, CPEG has issued additional clarifying comments. The comments are in response to a number of issues raised during the hearing.
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On June 7th, CPEG members Ron Baiman and Bill Barclay testified before the Illinois House of Representatives on House Bill 106, Introduced by Rep. Mary Flowers of Chicago, which would create a “LaSalle Street”, or Financial Transactions Tax in the state.
Baiman testified that a LaSalle Street Tax would be fair, feasible, and beneficial, adding billions in revenue to the ailing state budget. Barclay testified that talking points from opponents of such a tax are not grounded in real experiences. Download the powerpoint presentations that accompanied their testimony:
Ron Baiman’s Testimony (.pptx)
Bill Barclay’s Testimony (.pptx)
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)
In an October 1st address to the UIC chapter of the State Universities Annuitants Association (SUAA), CPEG’s Bill Barclay explained the potential benefits of a small LaSalle Street Tax (also known as a Financial Transactions Tax), on Chicago’s two large trading markets. Barclay suggested that some of the estimated $10-12 Billion in revenues that could be generated by the tax could be used to make up for the decades-long failure of the Illinois legislature to keep their pension funding promises.
The SUAA, with over 1,600 members, exists to promote the individual and collective interests and welfare of its members and of all UIC retirees. You can download Barclay’s presentation here (powerpoint), or view the full presentation on Youtube.
Note: This response is authored by CPEG’s Bill Barclay in response to a February 16th Editorial in the Chicago Sun-Times regarding the potential for a “LaSalle Street Tax”, a very small tax on the trading of financial assets. You can download a full Q&A on the Lasalle Street Tax here.
First they ignore you, then they laugh at you, then they fight you…
…and then you win.
The gathering momentum behind the LaSalle Street Tax (LST) is moving us through Gandhi’s stages faster than we expected. The most recent evidence that this momentum can no longer be ignored comes from the Sun Times February 16th editorial, which endorses such a tax in principle. While attacking the proposed level of the LST, the editorial says “a very small Chicago tax might make sense.”