Green Party of Illinois chairman Rich Whitney reminded lawmakers during a conference committee hearing of two ideas to bring in lots of money and harm virtually no one.
One would target speculative trades such as options contracts, futures contracts, and credit default swaps traded in Chicago. “A tax of .01 percent on these trades,” Whitney said, “would be 50 times greater than the tax that has already been in place for many years on the London Stock Exchange, the fourth-largest stock exchange in the world.”
Whitney says the tax would bring in $40 billion per year.
The other idea he brought forth would set up a state-run bank, similar to one begun in North Dakota in 1919. “It would create a new revenue stream for the state of Illinois without raising taxes on anyone,” Whitney said. “Instead of depositing taxpayers’ money on Wall Street, we invest it right here at home, where we make money off of it.”
Neither idea is new, and neither has gained much traction in Springfield.
- H.B. 1554 is the financial transaction bill.
- H.B. 7 is the community bank bill.