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In a statement released Saturday by 47th ward aldermanic Green Party candidate Matt Reichel, Reichel takes aim at all three of his opponents for their lack of a sound fiscal policy.
Reichel said:
In an election for municipal office at a time that the city has developed an over $600 million deficit, one would assume that any realistic candidate for alderman would address the need to create new revenue streams.
One candidate has proposed reducing aldermanic salary by up to 50%, which would save us $3-4 million. Another candidate has advocated raising fees on people in possession of illegal firearms, which would probably do even less towards closing the budget shortfall.
They have not made one proposal that would even begin to seriously close the deficit.
Meanwhile, I am the only candidate advocating a financial transactions’ tax on obscure financial instruments: a tiny .1% levy on the exchange of futures, options, derivatives and other financial products dealt at the Board of Trade and Chicago Mercantile Exchange. This tax would serve the purpose of placing a price on the social cost associated with market speculation, whilst raising much-needed revenue for this city’s starving social services.
While this tax alone could close our budget shortfall (there are literally trillions of dollars worth of these types of exchanges in Chicago each year), I have also advocated two more social taxes, meant to charge people for behavior that implies a social cost. Firstly, I would advocate a pollution tax on commuters entering the city via Interstate ($2 in each direction), and, secondly, I would advocate a junk food sin tax on fast food establishments.
Why are none of the other candidates proposing new, innovative and realistic means of raising new revenue to close this budget deficit?
Do they not understand the seriousness of this budget issue?
Filed under: 3rd party, election, elections, grassroots democracy, Green Party, News, politics, progressive politics, third party Tagged: | Alderman, Board of Trade, candidate, chicago, Chicago Mercantile Exchange, Fiscal policy, Illinois, Matt Reichel, Tom O'Donnell
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