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Sears and CME Group threaten to leave Illinois
CNNMoney ^ | Dec. 06 ,2011 | Charles Riley

Posted on 12/06/2011 5:47:00 PM PST by george76

Without a fresh round of tax incentives, two iconic Illinois companies might soon be on the move.

The companies -- Sears Holdings and CME Group -- are the latest in a series of Illinois firms to threaten departure after the state temporarily raised corporate taxes earlier this year.

Sears Holdings, which has 6,100 employees at its corporate headquarters and operates both K-Mart and Sears stores, is looking for its current package of tax incentives to be extended.

...

The stakes are high. Earlier this year, Caterpillar threatened to leave Illinois, an announcement that sparked something of a relocation competition among neighboring states.

...

Faced with a daunting $13 billion budget deficit earlier this year, state legislators opted to raise personal and corporate income taxes.

Companies now have to pay a 7% corporate tax rate for the next four years, up from the previous 4.8%. And Illinois businesses are already subject to a 2.5% surcharge.

Along with the corporate tax hike, lawmakers raised the personal income tax rate to 5%, up from 3%.

"The state continues to spend more than it takes in," said Laurence Msall, president of the non-partisan Civic Federation. "They've dug a hole so big that even an enormous tax increase hasn't balanced the budget."

(Excerpt) Read more at local10.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events; US: Illinois; US: Indiana; US: New York; US: Ohio; US: Wisconsin
KEYWORDS: caterpillar; cme; kmart; sears; searsholdings; taxes
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1 posted on 12/06/2011 5:47:18 PM PST by george76
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To: george76

Texas would be a good place to look along with some other states.


2 posted on 12/06/2011 5:48:32 PM PST by Parley Baer
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To: george76

Sears, CME and Caterpiller should come to Texas, as long as they aren’t asking taxpayers to fund them.


3 posted on 12/06/2011 5:49:26 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: george76

“The companies — Sears Holdings and CME Group — are the latest in a series of Illinois firms to threaten departure after the state temporarily raised corporate taxes earlier this year.”

Huh High taxes are bad for business. Really?
Does Zero know about this?


4 posted on 12/06/2011 5:54:05 PM PST by jessduntno ("They say the world has become too complex for simple answers... they are wrong." - RR)
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To: george76
Sears is looking seriously at Columbus Ohio and our man Gov Kasich is making a totally bold effort to lure them. BTW, it was announced today that Gov Kasich has enticed Ford to move 2000 assembly jobs from Mexico to Avon Lake Ohio. How's that for a new trend?

Kasich is delivering the goods, as advertised.

5 posted on 12/06/2011 5:55:17 PM PST by hinckley buzzard
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To: george76

i wish they would move - it would send a message, it would save the stockholders money, and it would deprive the state of illinois some of its extortion money.

just sayin’


6 posted on 12/06/2011 5:56:18 PM PST by Principled
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To: george76

I currently live and work in Illinois, and have been here for the last 20 years.

Illinois is finished. It is on life support and will in all likelihood not be revived.

It is incredibly corrupt, making even New Jersey and Louisiana seem honest and upstanding. The unions — both public and private — control pretty much everything. And the ultimate in corruption — the city of Chicago — controls the state. The state is an embarrassment: Four of the last nine governors have been or are on their way to prison! No other state in American history can boast such an embarrassing statistic. Ever!


7 posted on 12/06/2011 6:00:14 PM PST by ought-six ( Multiculturalism is national suicide, and political correctness is the cyanide capsule.)
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To: george76

Come to Alabama. We could use the jobs. Our taxes are low, and our people are friendly.


8 posted on 12/06/2011 6:00:23 PM PST by political1 (Love your neighbors)
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To: GeronL

Caterpiller has built a plant in Victoria and qualified for incentives ($1.18M) offered by The Texas Enterprise Fund - we’re “open for business” :)


9 posted on 12/06/2011 6:02:09 PM PST by Jane Long (Soli Deo Gloria!)
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To: GeronL

Or China. Why not go where people appreciate a buck.


10 posted on 12/06/2011 6:02:56 PM PST by DManA
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To: Jane Long

Cat is cheap. The Mn. Vikings want us to spend half a billion on their factory.


11 posted on 12/06/2011 6:04:52 PM PST by DManA
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To: george76

The campus K Mart abandoned when they “bought” Sears, is still availiable in Troy Michigan.


12 posted on 12/06/2011 6:05:08 PM PST by Mark was here (It's either Obama or America. There cannot be both.)
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To: jessduntno
High taxes are bad for business.

High taxes are bad for jobs, when those jobs disappear to more friendly and less costly business environments. It's something that is beyond the simple minds of liberals to comprehend.
13 posted on 12/06/2011 6:05:16 PM PST by adorno (<)
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To: george76

Would be funny to see Detroit offer free taxes on Sears for the next 25 years if they’d move there.

Being marxists there is no way this would happen but it’s about the only think left for Detroit to do to bring back jobs.


14 posted on 12/06/2011 6:05:32 PM PST by Rebelbase
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To: george76

They aren’t going anywhere, this is just how the Chicago game is played.


15 posted on 12/06/2011 6:07:53 PM PST by bigbob
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To: george76

Compare and contrast Illinois Gov with Wisconsin Gov. We got rid of our 3.6 BILLION DEBT, without taxing the people. Illinois raised taxes and now want’s more. The entire state went red except for the cities. The poor saps in IL are subjected to the cities of Chicago and St. Louis. Thank God us in WI only had Madison and Milwaukee, we beat them back.


16 posted on 12/06/2011 6:13:51 PM PST by Indy Pendance
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To: ought-six

When this State finally crashes it’s going to be spectacular. And I’ve got a ringside seat.


17 posted on 12/06/2011 6:15:08 PM PST by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: george76

Seems like I read in the WSJ that Sears is only about three steps away from bankruptcy court anyway so I doubt it’s that much of a threat.


18 posted on 12/06/2011 6:19:32 PM PST by circlecity
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To: Indy Pendance

Is St. Louis taking money from IL? How so?


19 posted on 12/06/2011 6:20:08 PM PST by VicVega (LSU is without a doubt the #1 team in the nation. GEAUX TIGERS, Geaux Saints)
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To: george76

Chicago will give them a break and raise the taxes on the downstate serfs.


20 posted on 12/06/2011 6:20:26 PM PST by AD from SpringBay (We deserve the government we allow.)
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To: george76

C’mon down to Tennessee.


21 posted on 12/06/2011 6:21:15 PM PST by fieldmarshaldj (If Newt Gingrich is a Reliable Conservative, Joe Biden is a member of MENSA)
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To: VicVega

East St. Louis is in Illinois.


22 posted on 12/06/2011 6:22:25 PM PST by Indy Pendance
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To: Indy Pendance

So you meant to write East St. Louis? Glad you clarified that. I know the residents of East St. Louis don’t refer to themselves as St. Louis.


23 posted on 12/06/2011 6:35:41 PM PST by VicVega (LSU is without a doubt the #1 team in the nation. GEAUX TIGERS, Geaux Saints)
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To: george76

CUT GOVERNMENT SPENDING!!!

Cut it in D.C. and California and Illinois.

Cut it in Greece and Italy and Spain, Portugal, Ireland.


24 posted on 12/06/2011 6:41:40 PM PST by truth_seeker
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To: hinckley buzzard
...it was announced today that Gov Kasich has enticed Ford to move 2000 assembly jobs from Mexico to Avon Lake Ohio. How's that for a new trend?

I like Kasich but how much did it take to entice Ford? I'm sure the cost to Ohioans are hidden in the details.

25 posted on 12/06/2011 6:44:49 PM PST by BaylorDad (I can't always buy American, but when I can, it's not UAW!)
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To: VicVega

It’s what it is. Illinois will NEVER become red. Chicago is their Achilles heal. It’s sad what has happened to IL. They won’t EVER vote republican and vote freedom. Their map sucks.


26 posted on 12/06/2011 7:19:14 PM PST by Indy Pendance
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To: george76

Come to Indiana. Our state just found billions in over tax funds and we citizens may get a refund. The refund may equal $50.00 but it is something.


27 posted on 12/06/2011 7:20:37 PM PST by Bronzy
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To: george76
Caterpillar has expanded both the plants in NE Mississippi and the CEO was here a couple of months ago. While visiting here they did remark that they were thinking of expanding their presence here further.
28 posted on 12/06/2011 7:33:48 PM PST by vetvetdoug
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To: Parley Baer
Air conditioning cost, in texas, would eat up that 7% in about 6 months. LOL

And then you have this little thing in Texas, "Corporations with a Texas charter and non-Texas corporations doing business in Texas must file a Texas franchise tax return." Called the: "The Franchise Tax"

29 posted on 12/06/2011 7:35:17 PM PST by org.whodat (Just another heartless American, hated by "AMNESTY" Newt, Willard, Perry and his fellow supporters)
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To: Indy Pendance

Still like visiting Chicago, but wouldn’t want to live there.


30 posted on 12/06/2011 7:35:57 PM PST by VicVega (LSU is without a doubt the #1 team in the nation. GEAUX TIGERS, Geaux Saints)
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To: george76
Let’em leave. Illinois can attract good paying “green” jobs like...like solar panels for submarines or recycling old tires into sandals or something.
31 posted on 12/06/2011 7:58:57 PM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: VicVega

Don’t let a minor thing like geography trouble you...


32 posted on 12/06/2011 8:24:01 PM PST by TXnMA ("Allah": Satan's current alias...)
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To: TXnMA

Explain yourself, if you can.


33 posted on 12/06/2011 8:56:53 PM PST by VicVega (LSU is without a doubt the #1 team in the nation. GEAUX TIGERS, Geaux Saints)
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To: VicVega
Guess I should have put this <SARCASM> at the end...

(Highlight the "blank" above...)

34 posted on 12/06/2011 10:28:18 PM PST by TXnMA ("Allah": Satan's current alias...)
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To: george76

Makes me wonder why Boeing ever made the decison to move it’s corporate HQ from Seattle to Chicago?


35 posted on 12/06/2011 10:29:54 PM PST by tinamina
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To: TXnMA

I read it the wrong way. My mistake. Thanks for clarifying.


36 posted on 12/06/2011 10:41:41 PM PST by VicVega (LSU is without a doubt the #1 team in the nation. GEAUX TIGERS, Geaux Saints)
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To: george76

Go SEARS!!! We left Chicago as soon as the 66% tax increase went into effect!!!


37 posted on 12/07/2011 2:14:29 AM PST by Ann Archy ( ABORTION...the HUMAN Sacrifice to the god of Convenience.)
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To: Rebelbase

any business would be crazy to go to Detroit..at the drop of a hat your store may get burned out or bombed...


38 posted on 12/07/2011 2:30:08 AM PST by goat granny (.)
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To: BaylorDad

A large company moves in and more are employed and paying taxes and there are less on workmans comp...


39 posted on 12/07/2011 2:33:27 AM PST by goat granny (.)
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To: VicVega
Still like visiting Chicago, but wouldn’t want to live there.

If your going to drive on the toll roads, make sure you have plenty of cash on hand. Tolls are doubling at the first of the year. They are really sticking it to visitors that don't have an Ipass. Ipass tolls are doubling, but will still be half as much as cash..

40 posted on 12/07/2011 3:28:43 AM PST by EVO X
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To: VicVega
Still like visiting Chicago, but wouldn’t want to live there.

If your going to drive on the toll roads, make sure you have plenty of cash on hand. Tolls are doubling at the first of the year. They are really sticking it to visitors that don't have an Ipass. Ipass tolls are doubling, but will still be half as much as cash..

41 posted on 12/07/2011 3:28:55 AM PST by EVO X
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To: Indy Pendance
The poor saps in IL are subjected to the cities of Chicago and St. Louis.

I know you mean East St. Louis, as several people have already corrected you but East St. Louis, Illinois is really an insignificant little slum, population 27,006.

42 posted on 12/07/2011 5:31:12 AM PST by Graybeard58 (Of course Obama loves his country but I want a President who loves mine.)
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To: VicVega; Indy Pendance
"The poor saps in IL are subjected to the cities of Chicago and St. Louis."

~~~~~~~~~~

No problemo...

I figured that both you and I had the same first reaction:

"'St. Louis?' ----- WTF???" '-)

And my second was, "Where did Indy Pendance 'learn' geography?" ;-}

43 posted on 12/07/2011 8:36:29 AM PST by TXnMA ("Allah": Satan's current alias...)
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To: TXnMA
Meanwhile, across the river, in IL....


44 posted on 12/07/2011 8:44:41 AM PST by Justa
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To: Justa

“Hey kids, you noticing all this plight?”

*gunshot* *scream*

“Roll ‘em up!”


45 posted on 12/07/2011 8:46:36 AM PST by dfwgator
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To: george76

Bail out of that liberal Democrat pisspot. Go south.
Better late than never.


46 posted on 12/07/2011 8:52:37 AM PST by Lancey Howard
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To: EVO X

Good to know. Thanks.


47 posted on 12/07/2011 9:53:19 AM PST by VicVega (LSU is without a doubt the #1 team in the nation. GEAUX TIGERS, Geaux Saints)
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To: TXnMA
This is what I was talking about. The entire state went red except for 3 counties.


48 posted on 12/07/2011 7:27:20 PM PST by Indy Pendance
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To: Indy Pendance

Point well made!


49 posted on 12/07/2011 8:40:12 PM PST by TXnMA ("Allah": Satan's current alias...)
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To: Indy Pendance

I don’t know what election that map is from, but in 2010 Quinn (Governorship) and Giannoulias (U.S. Senate) won not only those three counties, (Cook, St. Clair and Alexander), but also Jackson County (which is like halfway between St. Clair and Alexander). See http://uselectionatlas.org/RESULTS/state.php?year=2010&fips=17&f=1&off=5&elect=0 and http://uselectionatlas.org/RESULTS/state.php?year=2010&fips=17&f=1&off=3&elect=0&class=3 (and note that these maps show the Republican counties as blue and the Democrat candidates in Communist red, as God intended).

But, yes, Chicago and East St. Louis usually give the Dems their entire margin in Illinois.


50 posted on 12/08/2011 9:46:34 AM PST by AuH2ORepublican (If a politician won't protect innocent babies, what makes you think that he'll protect your rights?)
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