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CHICAGO – The president of one of the nation’s largest taxpayer organizations today urged members of the House Financial Services Committee not to renew the charter of the Export-Import Bank, calling it “The mother lode of crony capitalism.” The charter of the 80-year-old agency expires on September 30.
“The Export-Import Bank borrows taxpayer dollars from the U.S. Treasury and uses the money to help American companies sell abroad,” said Jim Tobin, President of Taxpayers United of America (TUA). “It offers low-cost loans to foreign buyers or guarantees against potential losses made by exporters.”
“Companies that benefit from crony capitalism such as Boeing Co., General Electric Co., and organizations such as the U.S. Chamber of Commerce and the National Association of Manufacturers, have started an all-out lobbying effort on behalf of the bank, according to the Wall Street Journal. All members of the U.S. Congress will receive an index card showing what companies in their districts benefit from the bank, and the number of people employed.”
“According to the Journal, business owners will be brought in for fly-ins to go from office-to-office on Capitol Hill to aid in the lobbying effort.”
“Veronique de Rugy, a senior research fellow at the Mercatus Center at George Mason University, makes a moral case against the Export-Import Bank. In her article on NRO, she states that the fundamental case against the Export-Import Bank is simple and unavoidable: It is not the role of the federal government to subsidize private businesses, period.”
“She points out that a major function of the Export-Import Bank, practically speaking, is to coax foreign companies to buy Boeing airplanes.”
“The Export-Import Bank, whose largest beneficiary is aircraft maker Boeing, is universally recognized as inefficient, unnecessary, and distorting to price signals. It’s time to let this crony-capitalism monster, which uses taxpayer funds from the Treasury, to expire on September 30.”
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CHICAGO – U.S. Senator Richard J. “Dick” Durbin (D-IL) joined 40 other Democrat senators in sponsoring a constitutional amendment that would damage the First Amendment of the U.S. Constitution. The proposed amendment, SJ Res.19, would remove freedom of speech protection from certain political activities.
“Illinois has had to endure this ultra-left senator, Durbin, for an unbearable number of years,” said Katie McNeilly, Director of Operations of Taxpayers United of America (TUA), “but now he has shown what a dangerous, radical left-winger he is.”
“This assault on the First Amendment would give Congress the power to regulate the raising and spending of money and in-kind equivalents [emphasis added] with respect to Federal elections.”
“The proposed amendment would regulate the amount of contributions to candidates for nomination for election to, or for election to, Federal office, and the amount of funds that may be spent by, in support of, or in opposition to such candidates.”
“As if that were not bad enough, the amendment also would give states similar powers to restrict participation in state elections.”
“In other words, freedom of speech, which is protected by the First Amendment, would be gutted for the electoral process in both federal and state campaigns.”
“This is a very dangerous direction and I caution all citizens to beware of politicos like Durbin who try to undo the very protection from whom the Constitution was designed to protect us.”
“Durbin has much to answer for, and hopefully Illinois voters will wake up and send him into retirement before he causes more damage.”
“This isn’t his first attempt to squelch the freedoms protected by the first amendment. Just last year, Durbin questioned the wisdom of applying the media shield law to bloggers and tweeters. Mr. Durbin just doesn’t seem to understand or appreciate that the Constitution protects people, regardless of their title.”
“It is ironic that we are about to celebrate our country’s independence, while at the same time, our elected representative in the U.S. Senate is working so hard to crush the freedom of speech protection of the First Amendment that has cost so many lives to attain.”
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CHICAGO—Taxpayers United of America (TUA) will celebrate its 38th anniversary on June 27, 2014, according to Katie McNeilly, TUA Director of Operations.
“TUA has grown to become one of the largest taxpayer organizations in the country,” said McNeilly. “It was founded in 1976 by legendary activist and noted economist, Jim Tobin. Since that time, we have saved taxpayers over $200 billion in income, property, sales, and other taxes.”
“Under Jim’s leadership, TUA has helped local taxpayer groups defeat 203 property-tax-increase referenda.”
“We also have defeated 18 attempts to raise the Illinois state income tax, and since 1992, have defeated every attempt to introduce a graduated state income tax.”
“In 1989, we helped our members defeat Ronald Reagan’s tax increase on senior citizens, the so-called ‘catastrophic’ health care bill. Our members chased U.S. Rep. Dan Rostenkowski, Chairman of the House Ways and Means Committee, down the street, forcing him to take refuge in his limousine. Soon after, the rest of the members in the U.S. House of Representatives got the message and repealed the tax.”
“TUA has led the way in releasing government employees’ names and pension payments here in Illinois and around the country. We have analyzed and exposed government employee pensions in 19 states so far.”
“We are conducting workshops across the country, sharing the methods and tips that Jim Tobin has pioneered in government pension analysis and grassroots tax activism.”
“As our organization continues to grow in size and influence, we look forward to even greater victories on behalf of taxpayers.”
