-By Warner Todd Huston
Illinois Governor Pat Quinn and his profligate Democrat Party cohorts have been racking up the loss of one business after another since they decided to wildly raise the state’s taxes. Quinn’s and the Democrat’s next target seems to be the Chicago Mercantile Exchange, an ongoing Chicago tradition since 1898.
Chicago has the third highest corporate tax rate in the country and CME’s Chairman, Terence Duffy, and its Chief Financial Officer, James Parisi, say it is a burden with which they don’t think they need to contend.
Parisi told the company’s annual meeting of shareholders that the state legislature’s tax hike on corporations from 4.8% to 7% costs CME an extra $50 million a year. Corporations in Illinois also pay 2.5% tax on income, called a personal property replacement tax, which is collected by the state and flows to local governments.
“I’m going to do what’s in the best interests of the shareholders,” Duffy said. And who can blame him?
The fact is that the Democrats in Illinois are systematically destroying the Land of Lincoln one bad bill at a time. Sadly, thus far not a single Democrat in the state have learned their lesson and are continuing to propose laws that that make matters worse.
Take, for instance, the Democrat’s lack of passing a budget. The Illinois General Assembly, fully controlled by Democrats for many years, now, went several years without even bothering to pass a budget even though they a) control both houses of the legislature and the governorship, and b) face a constitutional amendment that requires a balanced budget.
Illinois has become a wholly failed state and the Democrats are responsible.