-- Connecting the dots between our economy, government and business --
By levying a $1 tax on any financial transaction completed in the state, supporters have said it would bring in estimated $6 billion annually, not accounting for any behavioral backlash. The Chicago Board of Trade, Chicago Mercantile Exchange, and the Chicago Board Options Exchange would all be targeted by the new tax.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
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.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
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And CME, CBOT and CBOE will immediately leave Illinois. Simple as that.
Democrat politicians are beyond stupid.
I actually hope that the transaction tax passes and all of the companies leave. At the current rate the financial implosion of IL is taking way to long. Anything that can speed it up is appreciated.
It’s crazy that the state would risk losing high paying and innovation jobs over this. These politicians don’t seem to understand the futures industry is a great profit center for the state to generates immense tax dollars even without a FTT.
There’s no law that states corn futures must be traded on an exchange physically located in Illinois. I gotta imagine the exchanges have a working plan to move any and all operations out of state.
I don’t know if all of the jobs will leave, just the infrastructure where the trade occurs. It probably would not affect to many jobs.
I think the fees to clear a trade on CME are $0.35 and they want a dollar tax on that. Would like to know who the idiot is that sponsored the bill.
The behavioral backlash will be all 3 of them relocating to Florida or Texas. The gentle river of money leaving the state will become a tsunami. I always think of Will Rogers, because the Democrats never met a tax increase they didn’t like.