CME Group eyes Illinois exit; Emanuel confident it will stay

Discussion in 'Politics' started by daveman, Jun 9, 2011.

  1. daveman
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    daveman Diamond Member

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    CME Group eyes Illinois exit; Emanuel confident it will stay

    The company that owns Chicago's two leading futures exchanges is weighing whether to move some operations from Illinois, citing the state's corporate tax rate increase.

    "We're investigating what would be in the best interests of our shareholders," Terrence Duffy, executive chairman of CME Group Inc., said at the firm's annual meeting Wednesday, noting that such a move would not mean CME would abandon its presence in Chicago, home to its markets for more than a century.

    The state in January raised the corporate income tax rate temporarily to 7 percent from 4.8. Corporations also pay a 2.5 percent tax on income, called the personal property replacement tax, which is collected by the state and flows to local governments. The two rates taken together come to 9.5 percent, the third-highest rate in the U.S., according to the Tax Foundation, a non-partisan Washington-based research group.

    Impossible. I've been repeatedly assured that higher taxes on business has no effect on them. Of course, that's usually coming from people who advocate higher taxes on business.
     
  2. GWV5903
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    GWV5903 Gold Member

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    The new Party tag line for Obama & Company should be "The Masters of Job Disaster" coming to you in November 2012 on Discovery.....
     
  3. The Rabbi
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    The Rabbi Diamond Member

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    The WSJ had an editorial recently describing how the governor has gone around and bribed major businesses to stay after this tax increase. So much for fairness.
     
  4. KissMy
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    KissMy Free Breast Exam

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    The Escape From Illinois, Continues
     
  5. daveman
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    daveman Diamond Member

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    Tax breaks are an admission by liberal-led governments that high corporate taxes do indeed drive business away.
     
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  6. auditor0007
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    auditor0007 Gold Member

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    There is a big difference between fair taxation and over-taxation. Here you are seeing a situation of over-taxation. Business should pay taxes on their net income, bottom line. That tax should be reasonable and in line with general tax rates across the board. You will get no argument from me that over-taxation will cause businesses to move.
     
  7. daveman
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    daveman Diamond Member

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    :beer:
     
  8. Two Thumbs
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    Here's the thing. The freedom index has Il ranked ~ 40+ out of 50. Mizz an Indy are ranked in the teens and ones, [in order]. How does I' expect to keep biz in state when it just has to move a few hours away?

    The Gov of IN is offering to cover moving costs from Il to IN. And was openly mocking the Gov of IL and being the best help, for his state, that he could find.

    I feel for my home state, I really do. The people there are good hard working people that keep getting fucked of by Chicago.
     
  9. FireFly
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    FireFly Bright F**ker

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    You can bet the Illinois citizens & small business did not get carved out special tax breaks. Demoncrats always raise taxes on the middle class & poor.

    This reminds me of how Illinois banned smoking in all restaurants & bars but then turned around & allowed it in Casinos to generate more tax revenue. The other small restaurants & bars are now suffering loss of smoking customers to these Casinos favored by the state.
     
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    Last edited: Jun 15, 2011
  10. The T
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    The T George S. Patton Party Supporting Member

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    Bring 'em down south. We would love to have them...
     

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