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Apocalypse
06-19-2011, 10:05 AM
Chicago Board of Trade and Chicago Mercantile Exchange may leave Illinois for greener pastures.


Bloomberg Businessweek


Focus is on Ill. Tax Hike after CME Threatens Move
by Deanna Bellandi, 10 June 2011


The suggestion by the owner of two major futures exchanges in Chicago that it could move jobs out of Illinois because of the state’s business tax casts another spotlight on the unpopular increase Democratic Gov. Pat Quinn said was necessary to help rescue the state’s finances.


CME Group, which owns the Chicago Mercantile Exchange and the Chicago Board of Trade, said this week it is studying a possible relocation. The announcement comes just a couple months after manufacturing giant Caterpillar Inc. in central Illinois said it had been courted by other states. Caterpillar has since said it is staying put.


* * *


Dealing with a massive budget deficit, Illinois raised its corporate tax rate in January from 4.8 percent to 7 percent and the personal income tax rate from 3 percent to 5 percent. That enticed other states, including New Jersey, Indiana and Wisconsin, to try to poach Illinois businesses.


* * *


Last year, Illinois agreed to give $272.7 million in tax breaks and other incentives to 67 companies that were courted by other states to move their jobs elsewhere, according to state records. This year the promised incentives … are likely to surpass last year’s total.


* * *


“I don’t think anybody likes paying taxes, but that’s the price of having a democracy,” [Quinn] said.


Chicago Mayor Rahm Emanuel said he … was “confident” the exchanges would stay in Chicago. He did not elaborate.


http://www.businessweek.com/ap/financialnews/D9NP0L0O0.htm

* * *


Illinois Chamber of Commerce chief Doug Whitley said it’s not good enough for Illinois government to try to craft incentive packages for businesses after the state raised their taxes.


“Politicians need to pay attention to what employers are thinking. There are economic consequences to political decisions that they sometimes ignore,” Whitley said.




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To remind everyone what the 'experts' said when they raised the taxes.



Illinois’ recent income tax increase won’t cause a mass exodus of businesses from the state, experts agree.



“Businesses like to say that they leave states because of tax issues, but businesses are not actually all that mobile, and I think it’s a lot less common for businesses to leave from tax issues as is commonly believed.”


Now Illinois is bribing every major employer there to stay. My word, did they forget how they got Boeing to relocate to Illinois?



In addition, many annalist are estimating the total bribes to industries to stay, are now equal to, or more then they estimated they would raise from the tax increase.

Apache
06-20-2011, 11:06 AM
This almost looks like a shell game, if I didn't know any better (which I really don't) I'd bet it was...

KhrushchevsShoe
06-20-2011, 11:25 AM
I wish Boeing would leave.

djones520
06-20-2011, 11:40 AM
I wish Boeing would leave.

I'm sure you do. :rolleyes:

Apache
06-20-2011, 12:05 PM
I wish Boeing would leave.

I know, right?

Why would we want any jobs in Illinois, I mean its done wonders for Michiagan. Detroit is such a LOVELY city...:rolleyes:

KhrushchevsShoe
06-20-2011, 12:06 PM
I know, right?

Why would we want any jobs in Illinois, I mean its done wonders for Michiagan. Detroit is such a LOVELY city...:rolleyes:

They dont create much jobs, and they loom over what has been a pretty benevolent city with their war profiteering.

Apache
06-20-2011, 12:10 PM
They dont create much jobs, and they loom over what has been a pretty benevolent city with their war profiteering.

Right, right,right...


All them brightly paintrd 737/747's....

Odysseus
06-20-2011, 01:26 PM
They dont create much jobs, and they loom over what has been a pretty benevolent city with their war profiteering.

We'd happily go to war in bi-planes, but our enemies have a tendency to take them down by flying close in at mach 2 and letting the air disturbance shake the wooden frames apart. Sorry to disappoint you, unless, of course, you would prefer to see Americans dying due to technological inferiority, in which case the bi-planes probably work for you.

Adam Wood
06-20-2011, 02:05 PM
Right, right,right...


All them brightly paintrd 737/747's....LOL! No shit! Fuckin' Southwest Airlines war pigs....

txradioguy
06-20-2011, 04:04 PM
We'd happily go to war in bi-planes, but our enemies have a tendency to take them down by flying close in at mach 2 and letting the air disturbance shake the wooden frames apart. Sorry to disappoint you, unless, of course, you would prefer to see Americans dying due to technological inferiority, in which case the bi-planes probably work for you.


Not to mention if Boeing goes away...whose gonna sell Shoes buddies the ChiComs all those shiny 747-800's?

fettpett
06-20-2011, 10:11 PM
why should Boeing be around? 164k jobs sounds about right....hell if they were smart, they would go to Texas, Fuck the dumbass flatlanders and their stupid tax rules

Apocalypse
06-20-2011, 10:32 PM
Guys, I think he was trolling in a sense adding in that Boeing was looking to open a plant out side of a union (Illinois) state. And I'm willing to bet he's chuckling to him self he managed to get each of you to bite at his trolling post.

Apocalypse
06-20-2011, 10:48 PM
Added on the Boeing part, KhrushchevsShoe - you know that how Ill. managed to get Boeing to move to their state was by telling Boeing, "What ever you want, we will give it to you. Just name it, and its yours if you move to our state".

Boeing was offered tax breaks for 20 years. (State, city and property)

$7,500,000 for "Interior renovation of its new offices"

A one year lease reduction to $20 per sqr foot on its 250,000 office space building. And a max cap increase per year of no more then 3% on that cost.

Chicago will build at city expense a helo port for Boeing execs to use.

Chicago will pay $1,000,000 to the current lease owners remaining lease for Boeing.

fettpett
06-21-2011, 01:00 AM
Added on the Boeing part, KhrushchevsShoe - you know that how Ill. managed to get Boeing to move to their state was by telling Boeing, "What ever you want, we will give it to you. Just name it, and its yours if you move to our state".

Boeing was offered tax breaks for 20 years. (State, city and property)

$7,500,000 for "Interior renovation of its new offices"

A one year lease reduction to $20 per sqr foot on its 250,000 office space building. And a max cap increase per year of no more then 3% on that cost.

Chicago will build at city expense a helo port for Boeing execs to use.

Chicago will pay $1,000,000 to the current lease owners remaining lease for Boeing.







I walked by their building this past Thursday....it's right next to Oglivie station, but not a really great location other than access to mass transit, but it is RIGHT on the Chicago river too....