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1 | HOUSE RESOLUTION
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2 | WHEREAS, A government must provide for the common good in | ||||||
3 | order to function properly; there is a direct correlation | ||||||
4 | between the percentage of citizens in a society whose | ||||||
5 | fundamental needs are met and can be classified as productive | ||||||
6 | members of society, with the rate at which that society | ||||||
7 | advances educationally, economically, technologically, and in | ||||||
8 | terms of the well-being and the decreased tendency towards | ||||||
9 | illicit behavior by its citizens; and
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10 | WHEREAS, The members of this body have a natural concern | ||||||
11 | for the welfare of children and youth; in the years since the | ||||||
12 | recent 2008 financial crisis, the number of children living on | ||||||
13 | the streets, in shelters, motels, or doubled-up with other | ||||||
14 | families jumped 38% to 1.6 million nationwide; and
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15 | WHEREAS, In the last 5 years, 43 states have cut student | ||||||
16 | funding for higher education, as the cost of post-secondary | ||||||
17 | public education continues to rise faster than the cost of | ||||||
18 | healthcare; and
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19 | WHEREAS, Across the nation, there are higher levels of | ||||||
20 | unemployment, broad declines in health, crumbling | ||||||
21 | infrastructure, shrinking pensions and retirement savings, and | ||||||
22 | workers in the fields of education, health care, and public |
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1 | safety being laid off due to a financial crisis they did not | ||||||
2 | create; and
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3 | WHEREAS, Wall Street and the big banks have failed our | ||||||
4 | economy and are exploiting tax loopholes, while generating | ||||||
5 | record profits and being rewarded with billions in bailouts and | ||||||
6 | bonuses and leaving millions of Americans to suffer; and
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7 | WHEREAS, A recent iteration of a financial transaction tax | ||||||
8 | bill called the "Inclusive Prosperity Act", which is popularly | ||||||
9 | known as the "Robin Hood Tax" (H.R. 6411), called for the | ||||||
10 | revenues gained to be used for such critical needs as education | ||||||
11 | and job training, student debt relief, rebuilding public | ||||||
12 | infrastructure, public sector jobs, public sector pensions, | ||||||
13 | green jobs, expanding and improving Medicaid and Medicare, | ||||||
14 | housing assistance for low income households, and protecting | ||||||
15 | our environment; and | ||||||
16 | WHEREAS, The concept of a financial transaction tax is not | ||||||
17 | novel, but has been in existence in England since 1694 at the | ||||||
18 | London Stock Exchange; the tax has been implemented in some 40 | ||||||
19 | countries across the globe and was in effect in the United | ||||||
20 | States from 1914 to 1966 and is currently in place in New York | ||||||
21 | City; and | ||||||
22 | WHEREAS, The United Kingdom's 0.5% tax on stock trades |
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1 | raises their government billions of dollars a year; this tax, | ||||||
2 | which collects tax revenues for the public rather than on the | ||||||
3 | public, would apply to Wall Street banks, hedge funds, and | ||||||
4 | other financial institutions and would not apply to ordinary | ||||||
5 | Americans, their personal savings, or every day business and | ||||||
6 | consumer activity, such as purchases using ATM's or debit | ||||||
7 | cards; and | ||||||
8 | WHEREAS, The rate of this tax would be set as low as 50 | ||||||
9 | cents on every $100 of trades and would target reckless | ||||||
10 | short-term financial speculation that drove previous economic | ||||||
11 | crises, pushed up gas and food prices in the US and around the | ||||||
12 | world, and continues to threaten financial stability; and | ||||||
13 | WHEREAS, The Inclusive Prosperity Act is supported by such | ||||||
14 | organizations as National Nurses United, the National | ||||||
15 | Organization of Women, Jobs with Justice, Oxfam America, | ||||||
16 | MoveOn.org, Greenpeace, 350.org, Noble Prize winning | ||||||
17 | economists Joseph Stiglitz and Paul Krugman, and business | ||||||
18 | leaders George Soros and Warren Buffett; therefore, be it
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19 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
20 | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
21 | we show our support for the re-introduction and passage of the | ||||||
22 | Inclusive Prosperity Act, otherwise known as the Robin Hood Tax | ||||||
23 | (H.R. 6411 of the 112th Congress) and encourage the people of |
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1 | this State to show their support for the Inclusive Prosperity | ||||||
2 | Act as well; and be it further
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3 | RESOLVED, That suitable copies of this resolution be | ||||||
4 | delivered to the President of the United States and the members | ||||||
5 | of the Illinois congressional delegation.
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