The Occupy Wall Street movement that started in New York in September inspired thousands of protestors to take to the streets of downtown Chicago on October 10, 2011. While demonstrators around the nation were gathering to rally against economic inequality, the “Stand Up Chicago” coalition released their own plan to bring 40,000 jobs back to the Windy City on October 7, 2011. According to the Chicago Reporter, the group has proposed collecting a $0.25 cent contract speculation fee from traders on the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE).
The tax would generate $1.4 billion in revenue, despite an anticipated 15 percent reduction in trading volume because of the tax, according to the Reporter. Reuters, however, noted that the exchanges typically argue that such a tax would simply send trading elsewhere, and “CME and CBOE executives have already been considering pulling up their Chicago stakes and relocating to other states to avoid steep tax hikes imposed by Illinois earlier this year.”
“Stand Up” indentifies themselves as groups of “workers, foreclosure victims , teachers, the unemployed and others who are tired of big banks and corporations bankrupting our neighborhoods.” Are you involved in “Stand Up Chicago” or did you attend any of the demonstrations? Do you think taxing the exchanges an extra quarter for every transaction will bring more jobs to the city? Our Chicago bankruptcy attorneys want to hear from you. And if you are currently considering a bankruptcy means test as part of filing for Chapter 7 or Chapter 13 bankruptcy to avoid foreclosure, contact our office today for a free consulation.
Benjamin Brand Services – Chicago bankruptcy lawyers