Robin Hood and a group of rallyers made a special appearance outside of the mayor's office Tuesday to protest Rahm Emanuel's support of Senate Bill 405, aimed at giving the Chicago Mercantile Exchange and the Chicago Board of Exchange large tax breaks.  The proposed bill comes in the wake of the monthlong Occupy Chicago protests in front of the Board of Trade building.

In the past two weeks, at least 305 people were arrested while protesting a political climate that they say favors the richest one percent.

The bill faced opposition Monday afternoon from Illinois House Majority Leader Barbara Flynn Currie and Illinois Senate President John Cullerton reportedly pulled it from a committee vote. In addition, the state currently suffers from massive budget problems and cuts to critical service,s making the bill a potential tough sell. Make Wall Street Pay Illinois wants to see the bill defeated, vowing to send a message to the mayor and legislators in Springfield.

“Today, we are going to stop another corporate giveaway and attempt to take our tax money [and] give it to the derivatives industry, to Illinois’ Wall Street, [which is] LaSalle Street,” said Rev. Marilyn Pagan-Banks of Northside Power.

Under the current proposal CME & CBOE would pay taxes on just over 27 percent of the income derived from electronic trading and clearing fees. The exchanges are required to pay taxes on all income under current guidelines. CME reported profits in excess of $900 million last year with a local tax burden around $150 million. The Senate bill would provide at least a $75 million tax break for the exchanges, potentially reaching $100 million. In July, CME reported a record second quarter with revenues up three percent to $838 million.

Mayor Rahm Emanuel, who made millions in the financial sector, has reportedly pushed for the deal. Despite CME’s century-long presence in Chicago, both exchanges have threatened to leave the state if the bill is not passed. Corporate threats to leave cities or states is nothing out of the ordinary. After a 15-yearlong deal to avoid property taxes with a promise to pay them after its expiration, Sears is now demanding a renewal of the deal in order to remain at its Hoffman Estates headquarters.

Earlier this year, CME Group received $15 million in tax incremental financing funds. TIF funds come from property taxes and are primarily to be used in blighted areas, but the Loop is far from meeting the definition.

“Last year the CME Group spent nearly $2 million in lobby expenditures,” said Amisha Patel, executive director of the Grassroots Collaborative. “They were a top contributor to Mayor Emanuel, donating $200,000 to his campaign. Looks like CME’s investment in the mayor is paying off and the working families are about to get screwed.”

Protesters marched over to Cullerton’s office and delivered their letter to his staff. While the bills awaits Cullerton’s next steps, the advocacy organization encouraged citizens to sign their petition to stop the bill in its tracks. The show of action was organized by Make Wall Street Pay Illinois.