Chicago Teachers Union Wants A Tax On Anyone Using CME Futures and Options

WBEZ reports on the money the Chicago Teachers Union wants from you-even if you don't live in Illinois:

A so-called “LaSalle Street Tax” would impose new taxes on financial transactions at the CME Group and the Chicago Board Options Exchange. The Chicago Teachers Union wants a dollar tax on the trading of agriculture futures and two dollars on other derivatives. In addition to raising money, CTU Vice President Jesse Sharkey said the tax could help curb high-frequency trading, which has come under fire lately. “Derivative trading is a problem at its current level,” Sharkey said. “These are trades that don’t produce value. These are not long-term investments of the kind your grandmother might have in her stock portfolio.” Sharkey estimates the new tax could bring in $10-$12 billion a year.

We suggest Jesse Sharkey needs to smoke some better stuff: why would the CME stay in Illinois if they were going to be taxed?? Unless they are compete morons.