Financial traders in Chicago could become "heroes" in the Windy City if they paid a tax on each transaction to help solve the pension crisis, Chicago Teachers Union President Karen Lewis told the Chicago Sun-Times editorial board this week.
Lewis and the union have proposed the so-called LaSalle Street Tax, after the street in the heart of Chicago's financial district, as a means of funding public pension obligations.
William Barclay, an economist advising the CTU, estimates a $1-to-$2 tax levied on the sellers and buyers of futures, futures options and securities option contracts traded on the Chicago Mercantile Exchange and the Chicago Board Options Exchange could translate into an additional $12 billion a year, some of which could be used for pensions, according to the Sun-Times.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
