Now that the City’s budget has been passed and everyone better understands the impact in taxes and fees on middleclass Chicagoans, maybe we need to call out our Aldermaen for not pushing a finanial transaction tax….please see the following article:
The next great cause in Chicago: A financial transaction tax
by Ben Joravsky
It was my beloved Bright One—home delivered as always—that brought me the good news about Mayor Rahm’s tax increment financing reform.
Yes, I’m willing to use the R-word in this instance.
“Mayor Rahm Emanuel plans to freeze new spending in seven downtown TIF districts—and shut those districts down when existing projects are paid off,” reads the start to Fran Spielman’s Monday-morning Sun-Times scoop. “It turns out that dude from the Reader was right.”
OK, she didn’t write that last line. But it was still a happy day in my neck of the woods, since I’ve been pounding at the TIF program for so long I’ve lost track.
That brings me to what I believe to be the next great cause in Chicago: a financial transaction tax…..
Noting that state rep Mary Flowers had proposed a financial transaction tax in 2013, Kufrin wrote: “Had it been enacted into law, in 2014 this penny tax on financial transactions would have raised $116.1 billion for the State of Illinois, with $11.6 billion of it coming to Chicago. It died in committee.”