Wednesday, June 15, 2011

Illinnoyed by Higher Taxes?

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 (CME).   CME Group Executive Chairman Terrence Duffy told a shareholders meeting last week that Illinois Governor Pat Quinn's 30% hike in the corporate tax rate enacted in January 2011 will cost the company $50 million this year.   Dozens of major Illinois firms—from Caterpillar to Motorola to Sears—are in open rebellion in the wake of Springfield's $6 billion revenue short fall.  Oh, Indiana and Wisconsin would welcome all the aforementioned companies.  My advise, which is still the same as yesterday, is "MOVE" out of Illinois before it is too late.

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