The Chicago Teachers Union Joins the Budget Protest in Springfield, Illinois
On Wednesday, April 20, 2016 the Chicago Teachers Union sponsored three buses to Springfield to join many other organizations to protest Governor Rauner's blocking passage of a state budget. The buses left from 1101 S. Hamilton Ave at 6:00 am. Once in Springfield Chicago teachers and other union workers rallied at the Capitol to call for a budget agreement, protest cuts to education and social services. After visiting the Capitol rotunda marchers wielding signs went to the Executive mansion where many speeches were made to highlight the human tolls of cuts because of no state budget.
Key to protester demands is a fair tax through a graduated income tax structure, with lower rates for lower income and higher rates for higher incomes. A contract proposal without new revenue sources does not solve financial needs in the future. Revenue proposals that were put forward at the rally include the following:
Adopt a Fair Tax: The Illinois constitution restricts state income tax to a flat rate. Therefore the constitution must be amended to allow a graduated income tax on higher incomes. While in Springfield Speaker Madigan called for a vote on the legislation that would ask voters to amend the Illinois constitution to enact higher income taxes for anyone making more than $1 million a year. The extra money would go to education.
End Bad Deals and "1st in Line" Treatment: Banks like Bank of America, have sold the State of Illinois many bad deals, such as toxic interest rte swaps. These toxic deals have siphoned hundreds of millions of tax dollars out of community spending. So far Illinois has lost $618 million on these swaps already, the total cost to taxpayers could climb to $1.45 billion by deal's end. To read more about the role of big banks in the budget impasse and the effect upon on service providers please see the website whogotpaid.org.
Closing Corporate Tax Loopholes: The Illinois tax code is loaded with tax breaks that let corporations dodge paying taxes. Over 2/3 of Illinois corporations pay no state income tax at all. It is entirely possible to close these legal dodges and loopholes and force these companies to pay their fair share of taxes, by some estimates $139 million to $2 billion in annual revenue.
Adopt a Financial Transaction Tax (FTT)-The LaSalle St. Tax: The idea of a FTT is easy, a small, very small tax per trade. Futures traders on LaSalle St. trade millions worth of contracts per day. By charging a small transactions tax on each trade has the potential to raise millions for the state.
Key to protester demands is a fair tax through a graduated income tax structure, with lower rates for lower income and higher rates for higher incomes. A contract proposal without new revenue sources does not solve financial needs in the future. Revenue proposals that were put forward at the rally include the following:
Adopt a Fair Tax: The Illinois constitution restricts state income tax to a flat rate. Therefore the constitution must be amended to allow a graduated income tax on higher incomes. While in Springfield Speaker Madigan called for a vote on the legislation that would ask voters to amend the Illinois constitution to enact higher income taxes for anyone making more than $1 million a year. The extra money would go to education.
End Bad Deals and "1st in Line" Treatment: Banks like Bank of America, have sold the State of Illinois many bad deals, such as toxic interest rte swaps. These toxic deals have siphoned hundreds of millions of tax dollars out of community spending. So far Illinois has lost $618 million on these swaps already, the total cost to taxpayers could climb to $1.45 billion by deal's end. To read more about the role of big banks in the budget impasse and the effect upon on service providers please see the website whogotpaid.org.
Closing Corporate Tax Loopholes: The Illinois tax code is loaded with tax breaks that let corporations dodge paying taxes. Over 2/3 of Illinois corporations pay no state income tax at all. It is entirely possible to close these legal dodges and loopholes and force these companies to pay their fair share of taxes, by some estimates $139 million to $2 billion in annual revenue.
Adopt a Financial Transaction Tax (FTT)-The LaSalle St. Tax: The idea of a FTT is easy, a small, very small tax per trade. Futures traders on LaSalle St. trade millions worth of contracts per day. By charging a small transactions tax on each trade has the potential to raise millions for the state.