Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Will The Chicago Merc Flee Illinois Taxes?
IBD Editorials ^ | June 10, 2011 | Staff

Posted on 06/10/2011 5:22:33 PM PDT by Kaslin

States: The company that owns Chicago's two largest futures exchanges is thinking about moving operations out of state to flee oppressive business taxes. Worried about climate change? How about the business climate?

The days when Chicago was the "hog butcher to the world" have long since passed, replaced by its role as a leading financial trading center that is home to the Chicago Mercantile Exchange, also known as the Merc, and the Chicago Board of Trade.

On Wednesday, Terence Duffy, chairman of CME Group Inc., which owns the two institutions as well as the New York Mercantile Exchange, and Chief Financial Officer James Parisi announced the financial giant is considering moving operations and jobs out of the state in response to massive increases in state taxes.

Parisi told the company's annual meeting of shareholders that the state legislature's tax hike on corporations from 4.8% to 7% costs CME an extra $50 million a year. Corporations in Illinois also pay 2.5% tax on income, called a personal property replacement tax, which is collected by the state and flows to local governments.

The two rates taken together come to 9.5%, the third highest corporate tax rate in the nation, according to the Tax Foundation. In February, CME reported a 3% drop in fourth-quarter earnings partly because of expenses it booked related to the tax hike.

"I'm going to do what's in the best interests of the shareholders," Duffy said, adding that "if that means opportunities are greater elsewhere, then we're going to look at those opportunities." CME joins other Illinois companies such as Caterpillar and Sears Holdings who have talked about leaving town.

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; Culture/Society; Editorial; US: Illinois
KEYWORDS: cme; ibd; illinois; taxes; texas
Navigation: use the links below to view more comments.
first 1-2021-39 next last

1 posted on 06/10/2011 5:22:38 PM PDT by Kaslin
[ Post Reply | Private Reply | View Replies]

To: Kaslin

Obama,”I’m going to fundamentally change America.” And he is..at least ‘til Sarah cleans up his mess.


2 posted on 06/10/2011 5:26:09 PM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

I wish that all business would flee the blue states and leave them to sink in their own dung heap.


3 posted on 06/10/2011 5:26:59 PM PDT by Scotsman will be Free (11C - Indirect fire, infantry - High angle hell - We will bring you, FIRE)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

Maybe Houston? The Energy Capital, Nice tax structure, come on down. Be the next in the long line of people moving to where the market is good and free. Bring your money, leave the liberals behind.


4 posted on 06/10/2011 5:32:56 PM PDT by King_Corey (www.kingcorey.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Scotsman will be Free

We could see Rick Santelli, reporting on CNBC, from the floor of the Charleston Merc — in a facility originally built by Boeing but which they were forced to abandon thanks to Obama’s NLRB......


5 posted on 06/10/2011 5:33:19 PM PDT by C. Edmund Wright (American Thinker Columnist / Rush ghost contributor)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Kaslin

And Boeing should move their corporate HQ out of Chicago. I remember about 10 yrs ago when Boeing was deciding between Chicago and Dallas where to place their HQ (moving out of Seattle). They chose Chicago.

In retrospect, Boeing really blew it. Obama’s labor goons are suing them for opening their mfg plant in the Carolinas, Illinois is taxing all businesses to death or exodus, and Texas is, well, booming.


6 posted on 06/10/2011 5:37:36 PM PDT by bkopto (Obama is merely a symptom of a more profound, systemic disease in American body politic.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: C. Edmund Wright

Boeing is pressing ahead with the opening of that assembly plant. I think that it opened today.


7 posted on 06/10/2011 5:38:07 PM PDT by Scotsman will be Free (11C - Indirect fire, infantry - High angle hell - We will bring you, FIRE)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Scotsman will be Free

Not in the mood for a little tongue in cheek humor tonight? I realize Boeing is going ahead —


8 posted on 06/10/2011 5:39:31 PM PDT by C. Edmund Wright (American Thinker Columnist / Rush ghost contributor)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Don Corleone
‘til Sarah cleans up his mess.

Sarah Palin may be the antivenin this country needs.

9 posted on 06/10/2011 5:39:49 PM PDT by tbpiper
[ Post Reply | Private Reply | To 2 | View Replies]

To: Kaslin

Houston and Dallas are in the same time zone.


10 posted on 06/10/2011 5:39:55 PM PDT by Paleo Conservative
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin
Hang the marxists.

Every last one.

11 posted on 06/10/2011 5:41:51 PM PDT by Rome2000 (OBAMA IS A COMMUNIST CRYPTO-MUSLIM)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

fitting


12 posted on 06/10/2011 5:42:25 PM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
[ Post Reply | Private Reply | To 1 | View Replies]

To: C. Edmund Wright

Of course I am, and recognized it as such. Sorry for not acknowledging it. Didn’t know if you knew that the plant was operational.


13 posted on 06/10/2011 5:43:00 PM PDT by Scotsman will be Free (11C - Indirect fire, infantry - High angle hell - We will bring you, FIRE)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Kaslin

They could come to Texas. We are business savvy.


14 posted on 06/10/2011 5:45:53 PM PDT by Hattie
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

We have low taxes here in sunny Florida.


15 posted on 06/10/2011 5:47:11 PM PDT by Brilliant
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

I’ve read posts from people who say we’re not to judge Illinois by Chicago or what comes out of Chicago.

Does this apply here?


16 posted on 06/10/2011 5:47:41 PM PDT by HighlyOpinionated (I am a US Citizen, A Patriot, A TEA Partier, An Oath Keeper, A Voter, An Auburn Fan!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

We have low taxes here in sunny Florida.


17 posted on 06/10/2011 5:47:55 PM PDT by Brilliant
[ Post Reply | Private Reply | To 1 | View Replies]

To: Hattie; Kaslin
They could come to Texas. We are business savvy.

Plus we have two metro areas with major hub airports. It also helps that Texas is in the same time zone, so they could keep the same business hours they kept in Chicago.

18 posted on 06/10/2011 5:51:00 PM PDT by Paleo Conservative
[ Post Reply | Private Reply | To 14 | View Replies]

To: Hattie

And many of the traded commodities actually pass through Texas - something that can no longer be said of Chicago.


19 posted on 06/10/2011 5:52:22 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Paleo Conservative

I am in the same time zone


20 posted on 06/10/2011 5:54:30 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
[ Post Reply | Private Reply | To 10 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-39 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson