CME Group eyes Illinois exit; Emanuel confident it will stay

daveman

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Jun 25, 2010
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On the way to the Dark Tower.
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.
 
The new Party tag line for Obama & Company should be "The Masters of Job Disaster" coming to you in November 2012 on Discovery.....
 
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.
 
The Escape From Illinois, Continues
The line of businesses looking for tax relief in Illinois keeps growing, with the latest plea coming from the owner of the iconic Chicago Mercantile Exchange and Chicago Board of Trade.

We reported last week that dozens of major Illinois firms—from Caterpillar to Motorola to Sears—are in open rebellion in the wake of Springfield's $6 billion revenue grab and new 9.5% corporate rate, fourth highest in the U.S. Mr. Quinn has already carved out some $230 million in special tax breaks this year to save companies from his own tax policies and keep these firms from fleeing.
 
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.

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.
 
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.

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.

:beer:
 
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.
 
The Escape From Illinois, Continues
The line of businesses looking for tax relief in Illinois keeps growing, with the latest plea coming from the owner of the iconic Chicago Mercantile Exchange and Chicago Board of Trade.

We reported last week that dozens of major Illinois firms—from Caterpillar to Motorola to Sears—are in open rebellion in the wake of Springfield's $6 billion revenue grab and new 9.5% corporate rate, fourth highest in the U.S. Mr. Quinn has already carved out some $230 million in special tax breaks this year to save companies from his own tax policies and keep these firms from fleeing.

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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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.

The CME threat to move also could end talk of a possible transaction tax on the city's exchanges. "Any discussion of a transaction tax on the futures traders in Chicago in the CME group, anybody in this line of business, I think that's dead now," Tillman said. After Governor Quinn negotiated tax breaks for Motorola Mobility company, other companies including Sears and Caterpillar announced they were considering leaving Illinois. [1]

Source

Bring 'em down south. We would love to have them...
 
And the lesson for the left in all this is...eventually, you run out of other people's money to spend.
And many 'Blue' State Gubmints are seeing it...they're prescriptions are more of the same...maybe they'll Tax themselves outta existence?

(And NO), Thoe of us that get it and are taking proper measures ain't gonna rescue you...get with the program. Socialism doesn't work.
 
And the lesson for the left in all this is...eventually, you run out of other people's money to spend.
And many 'Blue' State Gubmints are seeing it...they're prescriptions are more of the same...maybe they'll Tax themselves outta existence?

(And NO), Thoe of us that get it and are taking proper measures ain't gonna rescue you...get with the program. Socialism doesn't work.
No, they'll get all whiny and screech "We're too big to fail!!"

But I feel no obligation to save anyone from their own stupidity.
 
And the lesson for the left in all this is...eventually, you run out of other people's money to spend.
And many 'Blue' State Gubmints are seeing it...they're prescriptions are more of the same...maybe they'll Tax themselves outta existence?

(And NO), Thoe of us that get it and are taking proper measures ain't gonna rescue you...get with the program. Socialism doesn't work.
No, they'll get all whiny and screech "We're too big to fail!!"

But I feel no obligation to save anyone from their own stupidity.
Neither do I.
 
You will see a big exodus of business out of States with high taxes.

The States with a better business environment will be the big winners. Jobs will roll into those States.

Wonder how long it will take State Govts. to realize that rasing business taxes is a sure fired way to lose the companies and jobs??
 

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