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Economy

Help Pass The LaSalle Street Tax

Brian K. Noe · June 6, 2016 ·

lasalle-street-tax

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.

  1. 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).
  2. If you can spare some time tomorrow, rally with us at a press conference outside the Bilandic Building at 1 PM.
  3. 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.

Filed Under: Events Tagged With: Banksters, Economic Democracy, Economy, Financial Transactions Tax, Illinois Budget Crisis, LaSalle Street Tax, Politics, Robin Hood Tax, Social Justice

The Crisis Continues

Brian K. Noe · August 4, 2015 ·

The Wall Street Journal reports on the latest data from the U.S. Commerce Department.

Yet further data revisions going back more than three years show the expansion—already the weakest since World War II—was even worse than previously thought, with GDP increasing at an average annual rate of 2% between 2012 and 2014, down 0.3 percentage point from prior estimates.While the first half’s growth rate of 1.5% was better than expected thanks to the first-quarter revision, economic growth so far this year has been even slower than during last year’s tepid first half and well below the pace of the overall recovery.

Source: U.S. Economy Picks Up, but Stays In Its Rut – WSJ

Filed Under: Curated Links Tagged With: Capitalism, Crises and Contradictions, Economy, Great Recession, WSJ

Turnaround Means Go Backwards

Brian K. Noe · April 22, 2015 ·

According to a study by Illinois Economic Policy Institute and University of Illinois, if the six counties surrounding Chicago passed right to work laws, “The economy would shrink by 1.3 billion, state and local tax revenues would be reduced by $80 million… racial and gender inequality would both increase, and the number of workplace injuries and fatalities would rise.”

Read More: A Response to Governor Rauner’s Flawed “Turnaround Agenda” by David Madsen (Presented to The Naperville City Council on April 21st, 2015).

Filed Under: Curated Links Tagged With: Economics, Economy, GOP, Illinois, Jobs, Naperville, Rauner, Right to Work for Less, Turnaround Agenda

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