We are now in the twelfth month of an unprecedented budget crisis in the State of Illinois. It’s past time to move toward a progressive system of taxation that will ensure that the needs of the people are met, and the wealthy pay their fair share.
On Tuesday, June 7th, a joint Illinois Senate and House Subject Matter hearing on the proposed LaSalle Street Tax will be held at the Bilandic Building, 160 N. LaSalle in Chicago. The legislation would impose a very small tax on the trading of financial assets such as stocks, bonds, currencies and their derivatives. The average person pays more than six percent sales tax on purchases of daily necessities in our state, and yet the rich speculators pay absolutely no tax when buying or selling on the financial exchanges in Illinois. Although the proposed tax rate is very low, since the number of trades is so large, the LST would raise between 10 and 12 billion dollars per year for Illinois. Here’s a fact sheet on the tax from the Chicago Political Economy Group.
If you’d like to help advocate for this important step forward in Illinois, now is the time. Here’s how you can help.
- Fill out a witness slip stating simply that you are a SUPPORTER of the proposed legislation. It only takes a few minutes to complete the slip online saying that you support the bill (not that you’d like to appear as a witness).
- If you can spare some time tomorrow, rally with us at a press conference outside the Bilandic Building at 1 PM.
- If you can spare a little more time, attend the hearing at 2 PM. It’s scheduled to run until five o’clock, but if you can’t stay for the entire three hours, that’s alright.
If you’re concerned about our pensioners, our schools and effective human services in Illinois, please join in this important struggle.