SPRINGFIELD, Ill. (KMOX) – The head of the Green Party in Illinois says the state is not looking hard enough for new money.
Rich Whitney, Green Party Chair, says lawmakers transactions such as credit default swaps, option contracts and futures contracts are ripe for taxation.
“A .01 percent tax on these trades in the state of Illinois would raise, by conservative estimate, $40 billion dollars a year,” Whitney says.
Whitney suggests Illinois should set-up a state-run bank, similar to one that began in North Dakota in 1919. He says it would create a new revenue stream for the state without raising taxes for anyone.
Both ideas, however, have been brought up before and have not gained much traction among lawmakers.