"Among the tax proposals (increases, not cuts, in case you were wondering) being put forward by Brandon Johnson, Chicago’s new mayor, is one for a financial-transactions tax, at a rate of $1 or $2 for every 'securities trading contract'...Such taxes are not a good idea at the best of times, but to propose them for the embattled city that still hosts the Chicago Mercantile Exchange, well..."
Duffy did state that Chicago doesn’t have the authority to levy the tax, it would have to come at the state level. I also remember years ago when this idea was floated that the CME said they could move “The Exchange” (actually it’s computers) to northwest Indiana to escape the tax. That was before our new normal, which is, many people can work for anyone, from anywhere.
Last edited 3 years ago by your dime, your dance floor
GM
3 years ago
From the article:
Duffy then twists the knife:
“We have sold all of our property in the state of Illinois, in the city of Chicago,” Duffy said. “We don’t own anything any longer.
“In our leases, we have a language in there that says if there’s something that’s ill-conceived from the city or the state, that our leases are null and void,” Duffy said. “We’re in a very strong position. If we had to leave, we could leave.”
Poor Taxpayer
3 years ago
Another exchange headed to Miami or Texas. 100% for sure the CME will leave. Thousands of high paying taxpayers and their families will never come back to Illinois This will be a huge mistake, you cannot tax someone who does not live in the Chitty or State. Just plain stupid.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Duffy did state that Chicago doesn’t have the authority to levy the tax, it would have to come at the state level. I also remember years ago when this idea was floated that the CME said they could move “The Exchange” (actually it’s computers) to northwest Indiana to escape the tax. That was before our new normal, which is, many people can work for anyone, from anywhere.
From the article:
Duffy then twists the knife:
Another exchange headed to Miami or Texas. 100% for sure the CME will leave. Thousands of high paying taxpayers and their families will never come back to Illinois This will be a huge mistake, you cannot tax someone who does not live in the Chitty or State. Just plain stupid.