A financial transaction tax would help Wall Street work for Main Street, experts at the left-leaning Economic Policy Institute (EPI) argue in a new report.
In light of the Democratic Party endorsing a financial transaction tax in its platform, EPI's report details how much revenue such a policy could raise, putting the figure anywhere between $110 billion to $403 billion annually.
The tax would impose a small levy on trades of stocks, bonds, derivatives and other financial transactions.
U.S. Sen. Elizabeth Warren joined U.S. Rep. Tammy Duckworth at a Chicago campaign event Friday to talk retirement security with seniors and other supporters. Progress Illinois provides highlights from the discussion.
The Chicago Teachers Union held a massive downtown rally Thursday evening, during which 16 people were arrested for protesting inside Bank of America. Progress Illinois was there for the demonstration.
Members of the Chicago Teachers Union (CTU) and other allied organizations increased their calls on Tuesday morning for an elected school board and the resignation of Chicago Board of Education member Deborah Quazzo, who has come under scrutiny over her business interests following a recent Chicago Sun-Times investigation.
Chanting, "Quit, Quazzo. Quit," about 30 CTU members, parents and organizers with Action Now, the Kenwood Oakland Community Organization, More than a Score and other groups picketed outside the offices of GSV Advisors, an investment firm of which Quazzo is the founder and managing partner. The company's offices are located in the John Hancock Center, 875 N. Michigan Ave.
According to an investigative report published late last month by the Chicago Sun-Times, five educational tech companies in which Quazzo has invested have allegedly tripled their business with the Chicago Public Schools (CPS) since Chicago Mayor Rahm Emanuel appointed her to the board in June of 2013. The firms have reportedly been paid nearly $3 million by CPS since Quazzo's board appointment. The CPS inspector general launched a probe into the matter in light of the newspaper's findings.
The CTU maintains that "Quazzo's seat on the board represents an unethical conflict of interest" and demonstrates the need for an elected, representative school board.
A day after taking office, Chicago Treasurer Kurt Summers hit the ground running launching a 77 communities in 77 days listening tour throughout the city.
That tour brought Summers to the Bronzeville neighborhood last week, where he met with residents and business owners to discuss black communities getting a slice of the $50 billion fiscal pie the city has to invest each year. Summers spoke to a group of 50 at the Bronzeville Visitor Information Center, located at 3501 S. King Dr.
Summers told the crowd that his office manages a combined $50 billion in investments as well as employee pension funds and retirement plans. He said he would like to see some of that money invested in neighborhoods like Bronzeville.
"I don't view a neighborhood investment strategy as a risky strategy," said Summers, a product of Bronzeville. "I don't view that as any more risky than investing in Korea's debt, which we do, or investing in a cement company in Mexico. I don't believe investing in Bronzeville is any riskier than that."