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Financial Tax Transaction Remains in Committee For Nearly A Year

An idea for a financial transaction tax on various financial exchanges as a way to shore up more taxes doesn’t seem to be going anywhere.

Democratic Representative Mary Flowers says her idea of a financial transaction tax could generate billions of dollars a year, something she says would help fix Chicago Public Schools and other issues where state funds aren’t available.

Governor Bruce Rauner said such a tax would force the affected exchanges out of Illinois. Rauner says there are a couple of options Chicago has for their public school system.

Flowers’ House Bill 106 was introduced over a year ago and remains in the Rules Committee with the Chicago Democrat as the only sponsor.

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