Statement from MWSPI on passage of SB 405 (CME/CBOE Tax Dodge Bill)
FOR IMMEDIATE RELEASE
David Hatch, Illinois and Indiana Regional Organizing Network
STATEMENT FROM MAKE WALL STREET PAY ILLINOIS
ON PASSAGE OF SB 405 (CME/CBOE TAX DODGE BILL)
OUT OF SENATE EXECUTIVE COMMITTEE
Yesterday the Senate Executive Committee in Springfield passed SB 405, a fundamentally flawed piece of legislation that rewards just two large financial speculation institutions: CME Group and CBOE Holdings. At a time when the State of Illinois cannot pay its own bills, SB 405 would grant a massive tax dodge to only CME and CBOE, costing the state an estimated $120 million.
CME and CBOE are part of the speculation industry that caused the financial crisis and resulting recession. The State of Illinois should be asking more of the largest and most profitable companies in our state – not less. Ironically, the Executive Committee’s action came on the same day that CME’s own preview of its 3rd Quarter earnings show that it is a very wealthy and profitable company. Why should it be the recipient of such corporate welfare?
We are especially surprised at the amount of time and effort that Senate President John Cullerton has put into deepening the State of Illinois’ fiscal crisis. Rather than doing everything he can to at least stick his fingers into the hemorrhaging dyke of our fiscal affairs, Senator Cullerton has instead taken a sledgehammer to blow a $120 million hole in our budget.
Our elected officials may claim they are responding to CME’s threats to leave the state, yet yesterday’s action by our public servants symbolize corporate extortion at its worst.
Make Wall Street Pay Illinois is a collaboration of: Illinois Peoples Action, Illinois & Indiana Regional Organizing Network, Lakeview Action Coalition, Northside POWER, National People’s Action and Southsiders Organized for Unity and Liberation (SOUL).