Wall Street and other large corporations have engaged in a systematic effort to suppress taxes, making it difficult for cities and states to advance progressive revenue solutions to properly fund public services. By extracting from poor communities through predatory practices, including municipal debt, preferential tax treatment and other extractive practices, Wall Street is able to influence public policy and hamper the functioning of municipal governments. Banks have both caused and taken advantage of this crisis by targeting state and local governments with predatory municipal finance deals. These predatory financing deals are characterized by high costs and high risks, are typically overly complex, and are often designed to fail in primarily poor, communities of color. As a result, taxpayer dollars are siphoned away from the investment needed to build and maintain healthy communities.  ACRE believes that public services must be expanded fully-funded, equitably distributed, publicly owned and locally controlled services that are funded through deeply progressive taxation, with targeted investments in Black and Brown communities to repair the harm of extractive practices and policies.

Cancel Wall Street

Big banks owe us for their long history of racism and greed. We must cancel Wall Street to reopen schools safely.

Related reports & projects:
Don’t Let JPMorgan Chase Take Chicago’s Relief Money!
— Check out the People’s Water Project
— Read our September 2020 report: Cancel Wall Street
— Read our blog post, “The Dangers of Wall Street Water” on Medium
— Read our February 2019 report: A World-Class City– A Financial Blueprint for the City Chicagoans Deserve