Skip to comments.Sears and CME Group threaten to leave Illinois
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 ...
Texas would be a good place to look along with some other states.
Sears, CME and Caterpiller should come to Texas, as long as they aren’t asking taxpayers to fund them.
“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?
Kasich is delivering the goods, as advertised.
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.
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!
Come to Alabama. We could use the jobs. Our taxes are low, and our people are friendly.
Caterpiller has built a plant in Victoria and qualified for incentives ($1.18M) offered by The Texas Enterprise Fund - we’re “open for business” :)
Or China. Why not go where people appreciate a buck.
Cat is cheap. The Mn. Vikings want us to spend half a billion on their factory.
The campus K Mart abandoned when they “bought” Sears, is still availiable in Troy Michigan.
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.
They aren’t going anywhere, this is just how the Chicago game is played.
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.
When this State finally crashes it’s going to be spectacular. And I’ve got a ringside seat.
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.
Is St. Louis taking money from IL? How so?
Chicago will give them a break and raise the taxes on the downstate serfs.
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