What is This Financial Tax?
This financial tax was originally brought in by current Mayor Brandon Johnson. Essentially, this tax is one of the many that was made by Mayor Johnson, in order to bring in more revenue for the state. However, this may be detrimental to citizens of Illinois, as well as its businesses. Therefore, it would take major convincing by Brandon Johnson in order for this bill to be passed. However, there are several things that are impeding this decision, and Governor Pritzker shared his opinion on this tax.
Governor Pritzker Dislikes This Tax
Governor Pritzker understands that there are several disadvantages if this tax was to be passed. Not only would citizens of Illinois have another tax to worry about, but businesses would as well. In turn, many businesses would choose to leave the state. This is the last thing that Governor Pritzker wants to happen. Additionally, there would be many more citizens that worry, since the taxes continue to skyrocket.
“Illinois Governor J.B. Pritzker said he would veto any legislation to impose a financial transaction tax that could harm Chicago’s storied exchanges and cause them to leave the state,” according to Block Club Chicago.
Clearly, it is stated clearly what Governor Pritzker would do in accordance to this tax. It is also a safe bet to say that others would support Governor Pritzker. Therefore, having such a huge following, this bill would surely be dead.
Has Any Business Person Spoken Out?
There have been several different people that have spoken out about this particular issue. In particular, there is a business owner that is well known across the state. They have access to a lot of the real estate in the state. “I liquidated every piece of real estate in the state,” CME Group Inc. CEO Terry Duffy, told Bloomberg recently.
“I have leases where I am in an advantageous position, because now I can renegotiate. They’re all coming due. We like Chicago. There’s no reason for us to want to leave. But at the same time, if the atmosphere gets to the point where it’s intolerable, we have no choice,” according to Illinois Policy. Surely, as stated, an increase in taxes would surely make many businesses, like this one, leave the state.
In turn, this can deteriorate the city of Chicago and the entire state of Illinois. However, since this bill is vetoed by Pritzker, it can be said that this idea is practically shut down.
What Exactly Has Governor Pritzker Said?
Governor Pritzker has made it absolutely clear that there will be no tolerance for added taxes. He understands what would happen to the state of Illinois. In other words, he is looking into the future, understanding that this would have a large negative impact across the state.
“Let me be clear, there is no financial transactions tax on the table, period,” the Pritzker said in an interview with Bloomberg News. “There will not be support. I would veto it.”
The Future of This Bill
It is clear that this tax will certainly die at the hands of Pritzker. However, even though Illinois will likely not receive the extra funding, they will be protected since businesses will choose to stay. Additionally, people will not have to suffer with extra taxes upon the ones that they already have to pay.
Written by David Loran Jr
Sources:
Illinois Policy: PRITZKER WOULD VETO CHICAGO MAYOR’S FINANCIAL TRANSACTION TAX PLAN
Block Club Chicago: Pritzker Says He’d Veto Any Chicago Financial Transaction Tax
Bloomberg Tax: Pritzker Says He’d Veto Any Chicago Financial Transaction Tax
Featured and Top Image Courtesy of Illinois Public Radios’ Flickr Page – Creative Commons License
Inset Image Courtesy of clio1789’s Flickr Page – Creative Commons License
