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*** UPDATED x1 *** Stand for Children wins big as CME wants a tax change

Monday, Jun 13, 2011

* Capitol Fax readers have been learning about Stand for Children’s attempt at big-footing Illinois politics since last October. It took the mainstream media months to catch up, even after Stand for Children accumulated and spent huge money during the election, and even as the group’s major issue, education reform, played out at the Statehouse.

Today, Gov. Pat Quinn will sign the education reform bill that probably wouldn’t have even been introduced without the group’s involvement. So, it’s the Tribune’s turn to catch up

As Edelman focused on Illinois last fall, he saw an opportunity. A new state law set to take effect Jan. 1 would for the first time limit the size of political donations, but the window was closing fast.

“I didn’t need a rocket scientist,” Edelman said.

He shook the money tree.

The people who quickly poured big bucks into Stand for Children’s campaign kitty include a Chicago-centric crew of philanthropists whose interests in improving education coincide with a willingness to write big checks. […]

The group didn’t spent it all, and it’s now sitting on about $2.9 million, a significant sum now that the biggest check an individual can write a political action committee is $10,000.

Go read the whole thing.

* Speaking of campaign contributions, the Chicago Mercantile Exchange gave big bucks last year to politicians who turned around and raised the company’s taxes - a move that Merc’s parent company says could force it to leave Illinois

The exchange has donated $1.27 million to Illinois politicians in the last two decades, with almost $500,000 of those campaign contributions coming in the last 1-1/2 years, including: […]

* Two contributions together worth $150,000 to state Democratic Party leader Michael Madigan’s efforts to continue as speaker of the Illinois House.

* A $50,000 donation to Quinn’s general election run last year, after the exchange gave $40,000 to the governor during the Democratic primary campaign.

* CME’s estimates of its state tax liability means it will pay about 5 percent of all new corporate income taxes generated by January’s tax hike. The company certainly has a point about the unfairness of the corporate tax structure here

But in the April interview, Duffy said the tax hike felt like a slap coming right after the company’s investment in Aurora, which created a lot of jobs in the state.

He also noted the state’s tax structure hits some companies harder than others.

A restructuring of the state’s tax law restricted the tax to profit on in-state sales and eliminated property value and payroll size from the formula. The change benefited multinational manufacturers with sales all over the world.

In fact, two-thirds of corporations filing Illinois returns owed no taxes in 2008.

“I’m not suggesting I have the answers,” Duffy said in April. But, he said, it would be better if everybody paid a little.

* And here’s what the company wants

CME Group may not only seek an incentive package. According to sources, the company is considering a request for a change to its industry’s corporate income tax formula. […]

Revising “apportionment rules” in this way would require the approval of the General Assembly. Already, some industries have different rules. For instance, airlines operate under a different tax formula than other transportation companies.

If the changes being considered by CME Group are approved, Illinois’ overall corporate income tax rate of 9.5 percent would remain the same for Chicago’s exchanges. What is subject to that rate would change, in order to lower the company’s tax burden. […]

CME Group is expected to argue that because of the way its business is structured and conducted, the company had the highest effective state and local corporate income tax rate among the top 50 Illinois public companies that paid those taxes in 2010. […]

According to an analysis of public filings obtained by the Tribune, CME Group’s state and local income tax rate was 8.9 percent in 2010. It was the only company in the 8-9 percent range; four companies had a rate between 7 and 8 percent.

* And while we’re on the subject of taxes, Mayor Emanuel says he wants to roll back the city’s head tax

Mayor Rahm Emanuel said today he remains committed to phasing out a corporate employee “head tax” that brings in about $19 million annually to the city.

“I believe it’s a disincentive for companies,” Emanuel said at a news conference to announce United Airlines will be bringing 1,300 more jobs to Chicago. “My goal is — and it will reflect it when I do my budget — that we will roll back a buck a year, so that over my term, it will be the $19 million that is quote unquote raised, will be eliminated.”

*** UPDATE *** Interesting

CME Group Inc. is looking to sell most of the Chicago Board of Trade building, putting one of Chicago’s most iconic structures on the market.

The disclosure comes less than a week after the exchange operator warned it may leave Illinois to avoid an increase in corporate taxes. Yet a CME spokesman said the sale of the Board of Trade building isn’t connected to discussions over a potential move and declined to say whether it would make an exit easier.

The 80-year-old Art Deco building is comprised of three towers and houses the trading floors for agricultural commodities such as corn and wheat and financial derivatives such as interest-rate futures. It was designated as a historic landmark in 1978 and anchors Chicago’s financial district.

CME said it has hired Jones Lang LaSalle Inc. and Holly Duran Real Estate Partners LLC to market the north and south towers, which include the trading floors for agriculture commodities. CME said it would lease back the space it currently occupies in the buildings, including the trading pits.

* Related…

* Education reform bill makes it tougher for teachers to strike, easier to be fired

* Jean-Claude Brizard: A push for longer school days

* Tribune editorial: The leadership gap

* Sun-Times Editorial: U. of I. must be open to kids of all incomes

* Sun-Times Editorial: Now not the time to cut preschool funds

* Editorial: State’s college savings programs fail

* Report: Suburbs spending more on lobbying

* Transit agencies spend big on lobbying at state level, study finds

* Report Maps $140M in City and County Savings

* Controversial O’Hare concession contract poses test for Emanuel - Mayor must support Daley’s selection process or start over

* Chicago’s new transportation chief sets a new course - Klein hopes to drive city toward public transit options

- Posted by Rich Miller        


55 Comments
  1. - Yellow Dog Democrat - Monday, Jun 13, 11 @ 11:42 am:

    It’ll be interesting to see how The Mayor closes the city budget gap while keeping his pledge not to raise property taxes and roll back the head tax.

    The problem with trying to cut taxes while cut expenses is that it creates a clear contrast for opponents to the cuts.

    “Mayor Emanuel wants to cut X while providing $19 million in tax breaks for Chicago’s biggest companies.”

    If you’ve got a good X, you’ve got a good argument.

    It also runs counter to the popular idea of “shared sacrifice” when some folks are getting tax cuts.

    Speaking of which, how about CPS giving the superintendent a raise while asking teachers to take a 4 percent pay cut?


  2. - Loop Lady - Monday, Jun 13, 11 @ 11:44 am:

    and I’m sure CME will get it…business is holding government hostage…I don’t think this is what the founding fathers had in mind when tey established the republic …BTW, I saw that Obama is placating Wall St. in order to get 2012 camapign cash…same thing, bigger scale…


  3. - Rich Miller - Monday, Jun 13, 11 @ 11:44 am:

    ===If you’ve got a good X, you’ve got a good argument.===

    Maybe, but those sorts of arguments don’t seem to play out well in Chicago mayoral elections.


  4. - Loop Lady - Monday, Jun 13, 11 @ 11:45 am:

    and I’m sure CME will get it…business is holding government hostage…I don’t think this is what the founding fathers had in mind when they established the republic …BTW, I saw that Obama is placating Wall St. in order to get 2012 camapign cash…same thing, bigger scale…


  5. - Rich Miller - Monday, Jun 13, 11 @ 11:46 am:

    LL, no matter how you slice it, one business in a state as large as Illinois shouldn’t be paying 5 percent of all corporate taxes while about 80 percent of companies pay nothing. No matter what you think of CME, that ain’t fair.


  6. - 47th Ward - Monday, Jun 13, 11 @ 11:49 am:

    I think they’re setting the table to go forward with Reilly’s plan to charge nonprofits for things like water and permit fees. That could bring in enough to cover the end of the head tax, but they’ve still got to find 26 votes for it, and there are a lot of nonprofits that will squeal very loudly before the checkbooks open.

    Why is it that you never see nonprofits threaten to leave the city or the state, only businesses?


  7. - Loop Lady - Monday, Jun 13, 11 @ 11:50 am:

    I agree with you…let’s have all corporations pay taxes, as do most individuals…it should be the price of doing business in the state…you and I both know that legislation requiring all corps to pay taxes in IL will never be written, let alone pass…


  8. - Rich Miller - Monday, Jun 13, 11 @ 11:50 am:

    ===Why is it that you never see nonprofits threaten to leave the city or the state, only businesses? ===

    Some of those nonprofits are pretty big businesses in their own right.


  9. - Rich Miller - Monday, Jun 13, 11 @ 11:55 am:

    Loop Lady, whether you live or work in the Loop, you must’ve at least noticed all those evil private employers. While I am 100 percent in favor of tax equity, mindless business bashing is not exactly a productive endeavor.


  10. - Anon - Monday, Jun 13, 11 @ 12:01 pm:

    I can understand CME’s frustration that they can’t use accounting tricks and what not to allocate their income to a lower tax state. If only we could restrict the practice in other industries.

    It isn’t like CME is saying they are being double taxed, its just under the rules, the majority of their income is taxable in Illinois. I would be interested in their solution, but a new formula sounds like a way for them to say only half or whatever amount of our income should be taxable.


  11. - Loop Lady - Monday, Jun 13, 11 @ 12:21 pm:

    I am not a business basher in the least…I am a let’s amend the tax code in order to make it equitable for all earners…have you noticed the middle class being shafted while corporate profits of late are in the black and then some…this is not captalism…it’s extortion by business interests…my husband ia a small businessman and would never be able skip paying taxes on his income…just sayin’…


  12. - crazy - Monday, Jun 13, 11 @ 12:22 pm:

    I understand why Mayor Emmanuel wants to eliminate the head tax- it is unfair for businesses to be penalized for hiring more workers. Bringing more jobs to Chicago does not deserve a tax. This is an example of government officials trying to make the state more business friendly…

    It will just be interesting how he will be able to find a solution to “make up” for the missing city revenue.


  13. - Anon - Monday, Jun 13, 11 @ 12:23 pm:

    “LL, no matter how you slice it, one business in a state as large as Illinois shouldn’t be paying 5 percent of all corporate taxes while about 80 percent of companies pay nothing.”

    I think in these cases you have to look at ‘overall tax burden’

    The corporate tax slice is just one slice of the many faceted tax pie.


  14. - wordslinger - Monday, Jun 13, 11 @ 12:52 pm:

    Excellent story by Harris in the Trib. The CME and CBOE trial balloons make a lot more sense now.

    The CME will probably get some relief because they’re players and they’re not going anywhere. The shareholders are here, the traders are here, the support services are here and they just made a big investment out in Aurora that ties them here even more.

    –Early next year, trading firms from across the country will begin moving their computer systems into CME Group’s new 428,000 square-foot Aurora data center, designed to ensure the fastest trade execution possible. So while a trader might place an order from St. Louis, his or her computer systems will be in Aurora, which subjects the CME Group’s fee from the trade to Illinois taxes.

    –It’s a bit of an oversimplification, but the only fees not subject to Illinois taxes are the ones generated from face-to-face trades on the floor of the CME Group’s New York Mercantile Exchange.

    –CME Group won’t be able to move its entire business out of Illinois, at least anytime soon. But it’s currently weighing how far it thinks it can move Springfield.–


  15. - Are Ya Kiddin' Me? - Monday, Jun 13, 11 @ 12:56 pm:

    CME is gone.
    You don’t sell one of your two assets, when you don’t have to. CME does not “make” anything. They push paper. This is not like Ford mortgaging all hard assets several years ago to fund R & D and production.
    CME is unloading their only hard asset so that they can move.


  16. - Rich Miller - Monday, Jun 13, 11 @ 12:59 pm:

    ===CME is unloading their only hard asset so that they can move. ===

    They’re keeping their trading floor, so I wouldn’t be so sure just yet.


  17. - wordslinger - Monday, Jun 13, 11 @ 1:19 pm:

    –CME is unloading their only hard asset so that they can move.–

    It’s a lease-back deal. They’re looking to raise cash for their shareholders, who are honked at the share price.

    They could move to anywhere on the planet, but if all their trades are running through their new Aurora center, they’re subject to Illinois tax.

    They want some relief and will get it. Shareholders are mad at management that they haven’t got it already, given the amount of money the pour into politics.

    You can get Tom Donovan would have had it lined up already, back in the day.


  18. - Anon - Monday, Jun 13, 11 @ 1:22 pm:

    Ya just keep pretending like they arent going anywhere. Keep pretending a corporate tax increase wont cost jobs. Keep pretending that people arent leaving this corrupt state…one day we will wake up and realize we’re in terrible shape.

    “”What? CME left? Didnt see THAT coming!” Yes you did


  19. - jerry 101 - Monday, Jun 13, 11 @ 1:24 pm:

    I would argue that CME is in defense mode, trying to ward off hostile takeover attempts. While they may be in the black, Rich pointed out the other day that they are not as profitable as some of their peers.

    Since they are publicly traded, this opens them up to a takeover attempt. So anything that boosts their bottom line, whether its doing a sale-leaseback of their building, or getting a tax break, will help them avoid that takeover.

    If there is a takeover of CME group, then we would see a big job loss. Any company looking to take them over is only looking to get their hands on all the trading work that CME processes. If a competitor takes them over, they’d be happy to move those operations right out of town and onto their own trading floor.

    I don’t feel bad for CME having to pay higher income taxes than other companies. I wonder why the other companies don’t pay more taxes. It’s unfair to CME. The other 80% should have a real tax bill to pay, which would go far in improving our budget picture. Of course, since we’re in a race to the bottom, that ain’t gonna happen.


  20. - soccermom - Monday, Jun 13, 11 @ 1:36 pm:

    Because all of those traders are just dying to move to Alabama. “Greeen Acres is the place to be, faaarm livin’ is the life for me…” And before you get started — I’m not bashing the rural life, coming from a farm family myself. It’s just that the traders I’ve known have not been the type of folks who dream of the quiet evening by the fireside with the cheery chirrup of crickets on the hearth…


  21. - fed up - Monday, Jun 13, 11 @ 1:39 pm:

    YDD,

    Its not a 4% pay cut that the teachers are being asked to take. It is forgoing a 4% pay increase. paychecks dont go down they stay the same . Doesnt sound nearly as dramatic as you want it to.


  22. - Johnston - Monday, Jun 13, 11 @ 2:17 pm:

    Soccermom is right.

    Time to call all these ’sky is falling’ chicken littles bluff.

    Illinois is one of the best states to do business in. Educated workforce, low taxes, responsible government (compared to Indiana, Wisconsin, Missouri, etc) low ratio of state employees to population

    CME should be begging to do business in Illinois.


  23. - Louis G. Atsaves - Monday, Jun 13, 11 @ 2:26 pm:

    I’ve actually stopped commenting on articles like these when it comes to the “business climate” in Illinois. Too many commentators think there is nothing wrong with the business climate in Illinois, which speaks volumes about our business climate or lack thereof.

    I guess when you push ill thought out tax increases during a lame duck midnight last night session, complaints rise. And for those businesses into long term planning, those newly redrawn legislative maps which will continue the “business climate” in Illinois for the next decade has to be a factor.

    So when Indiana, Wisconsin, Iowa and Missouri take pot shots against our business climate, we split hairs and try to show we are a nirvana or Garden of Eden for business in Illinois. Like trying to turn a lemon into a large grape.

    The article on the big campaign contributions is pretty amusing though!


  24. - Secret Square - Monday, Jun 13, 11 @ 2:37 pm:

    “all of those traders are just dying to move to Alabama”

    Probably not, but they don’t have to move THAT far away. I suspect they could find plenty to do in St. Louis or Milwaukee, or even Indy.


  25. - siriusly - Monday, Jun 13, 11 @ 2:42 pm:

    This may be a victory for Stand for Children in Chicago, but what about students in the rest of the state. Why can’t the suburban kids get a longer school day too?


  26. - soccermom - Monday, Jun 13, 11 @ 2:45 pm:

    Secret Square — I think if traders are looking for a great children’s museum or a wonderful zoo, they will enjoy Indy. But if they are looking for world-class dining and non-stop nightlife, they will have a hard time beating Chicago. (Unless they want to go to that low-tax mecca, New York City. Hey, maybe we could get the NYSE to come out here!)


  27. - soccermom - Monday, Jun 13, 11 @ 3:04 pm:

    There are 42 Fortune 500 companies headquartered in NYC. Guess those CEOs don’t know this:

    If your corporation does business, employs capital, owns or leases property for business purposes, or maintains an office in New York City, it is subject to the General Corporation Tax. This tax only applies to incorporated businesses (unincorporated businesses are subject to New York City’s Unincorporated Business Tax). If the corporation can demonstrate that a portion of its business was done outside New York City, that portion will not be subject to this tax. New York City’s General Corporation Tax is imposed at the highest of the following four rates:

    8.85% of net income from New York City sources;
    .15% of total capital allocated to New York City;
    8.85% of 30% of net income, plus the amount of salaries or other compensation paid to any person, including officers, who at any time during the year owned more than 5% of stock; or
    Minimum tax base of $300.
    S corporations are not recognized by New York City and are subject to full corporate income tax.


  28. - Rich Miller - Monday, Jun 13, 11 @ 3:08 pm:

    ===CME should be begging to do business in Illinois. ===

    I’m hoping that was snark.


  29. - wordslinger - Monday, Jun 13, 11 @ 3:08 pm:

    –Too many commentators think there is nothing wrong with the business climate in Illinois, which speaks volumes about our business climate or lack thereof.–

    I don’t think anyone has ever said that. You can’t get rattled, though, every time someone puts out a press release. That’s not good business.

    And, as Rich pointed out, if 80% of corporations aren’t paying ANYTHING in state corporate income tax, it’s not like an increase in the rate is a game-breaker, except to the gullible.

    If the 45 other states in the union with smaller GSPs were business nirvanas, they wouldn’t be looking to poach.


  30. - soccermom - Monday, Jun 13, 11 @ 3:11 pm:

    Rich, I completely agree that it’s unfair for one company to bear 5 percent of the total tax burden. But that is an argument for closing the loopholes that the other companies are enjoying — not for cutting the rate on a company that’s paying an appropriate amount.


  31. - Rich Miller - Monday, Jun 13, 11 @ 3:16 pm:

    soccermom, I believe that the corporate tax hike was a mistake. It’s unfair to those of us who pay both and it’s unfair to the few big guys who shoulder too much of the burden already. It should be rolled back and a far more equitable solution needs to be found.


  32. - soccermom - Monday, Jun 13, 11 @ 3:28 pm:

    You’ll get no argument from me that our entire state taxation system needs a gigantic overhaul. But I still think corporations should pay their fair share, and that it is shameful to increase the taxes of people who are making very low wages without increasing the tax on corporations that are doing very well. (And dude — if you’re paying both, you need a better tax attorney.)


  33. - VanillaMan - Monday, Jun 13, 11 @ 3:36 pm:

    Commentors are comfortable with how stuff is done in Chicago. But Chicago is a closed city compared to its competition. You have to know people here to get a deal done. That is a major problem when other cities hungry for business welcome new start ups.

    CME has to compete. Other corporations have to compete. HQing in a closed city like Chicago will no longer be optimal.

    We might keep what we have for now. They know who to deal with.

    But as long as the current way of doing business in Chicago remains in place consider the City not an attractive place for future businesses compared to other major cities.

    Tear down the status quo Emanuel. Or be another mayoral pallbearer for the Loop.

    Your choice.


  34. - Rich Miller - Monday, Jun 13, 11 @ 3:41 pm:

    soccermom, all my business is done inside Illinois.


  35. - wordslinger - Monday, Jun 13, 11 @ 3:48 pm:

    If any of the names in play did bounce, my guess would be Sears.

    They have a new CEO who’s known for spinning off assets for cash; they’ve recently begun the heretofore unheard of practice for them of licensing their best brand names — Craftsman, Kenmore, DieHard — to other stores; and they’re sitting on a huge under-developed NW suburban campus that they could a bundle on.

    If I were the Cheeseheads, that would be the Illinois biggie I’d go after.

    Sears Holding, through their Land’s End division, already has very large campuses outside Madison and Milwaukee. An I-94 addition would make a lot of sense, if the price is right.


  36. - wordslinger - Monday, Jun 13, 11 @ 3:52 pm:

    VMan, I assure you that the grand poohbahs at CME and CBOE aren’t closed out of anything in the halls of power in Chicago. That’s why their members are so honked and that’s why they’re playing catchup now.


  37. - soccermom - Monday, Jun 13, 11 @ 4:07 pm:

    Rich — this is getting above my paygrade, but it you reincorporated as an S corp, wouldn’t you avoid the corporate rate?


  38. - Rich Miller - Monday, Jun 13, 11 @ 4:07 pm:

    Yes, it is above your pay grade. lol


  39. - Loop Lady - Monday, Jun 13, 11 @ 4:16 pm:

    let the CME move elsewhere…all trading will be done online in the future anyway…stop sticking up Chicago, it’s just a matter of time folks…Quinn, don’t take the bait!


  40. - 47th Ward - Monday, Jun 13, 11 @ 4:18 pm:

    Rich, your bar tab is a business expense and I think you can deduct like 20% off your adjusted gross income. Maybe if you ever opened your wallet at closing time, your liability would be less and you wouldn’t be threatening to bolt to Indianapolis or Des Moines or wherever it is that will offer you the best incentive package.

    Just a thought.

    (*ducks under desk*)


  41. - soccermom - Monday, Jun 13, 11 @ 4:20 pm:

    Here’s a QOTD — what tax incentives should Rich request to keep him from moving his business to Madison?


  42. - Just the Facts - Monday, Jun 13, 11 @ 4:24 pm:

    CME is a service business that is very profitable. Therefore, they pay a substantial amount of Illinois tax. Capitol Fax is a service business that is very profitable. Therefore, Capitol Fax and Rich Miller end up paying a substantial amount of income tax. Just the Facts has a lucrative employment niche. Therefore, Just the Facts ends up paying a substantial amount of income tax. To pay less state tax you have to relocate to a lower tax or no tax jurisdiction and not conduct business in Illinois - not realistic for CME, Capitol Fax or Just the Facts - or figure out how to convince the legislature to reduce the tax rate, or modify the tax code to provide “incentives” (loopholes) for your particular industry. The manufacturers have been good at lobbying for “incentives,” apparently the service industries not so much. As an alternative, the service industries need to lobby to eliminate the “incentives” (loopholes) enjoyed by others and then lower the overall rate.


  43. - Rich Miller - Monday, Jun 13, 11 @ 4:34 pm:

    ===Maybe if you ever opened your wallet at closing time===

    Apparently, we haven’t had drinks together.


  44. - soccermom - Monday, Jun 13, 11 @ 4:40 pm:

    I have seen Rich pick up a check. A substantial check.


  45. - 47th Ward - Monday, Jun 13, 11 @ 4:49 pm:

    We have, just not lately. Soon I hope. Maybe poolside at Duffy’s in July?


  46. - Michelle Flaherty - Monday, Jun 13, 11 @ 4:57 pm:

    Wow Rich, you’ve transformed into Matt Murphy. Looking forward to your lt. gov bid.
    So you’d be OK with only hiking taxes on people, not businesses?
    And I believe what the CME is complaining about is the single sales factor approved in the later 90s. If I recall correctly the biz groups quietly backed Rod’s pension bond deal because they so feared he’d undo the single sales provision if it didn’t pass.
    Keep in mind, each “loophole” you close will result in its beneficiary crying foul and threatening to move elsewhere.


  47. - Rich Miller - Monday, Jun 13, 11 @ 4:58 pm:

    soccermom, I’m still swooning from that check.


  48. - Rich Miller - Monday, Jun 13, 11 @ 5:00 pm:

    ===So you’d be OK with only hiking taxes on people, not businesses?===

    Rod? Is that you?


  49. - Yellow Dog Democrat - Monday, Jun 13, 11 @ 5:06 pm:

    @fed-up -

    “forgoing” a 4% pay increase that you were promised is a 4% pay cut for the next fiscal year, any way you slice it.

    Its not like they can ask BP to “forgo” increasing gasoline prices next year.

    Meanwhile, Brizzard walks in the door making $20,000 more than his predecessor.

    His justification? “Other superintendents make alot of money too.”

    To be fair, Brizzard’s pay will rank 41st in Illinois.

    On the other hand, Chicago teachers rank 71st in pay.

    I think it sets the wrong tone for the upcoming debate on cutting waste at CPS for Brizzard to get a raise before his first day on the job.

    My suggestion: set the compensation of Brizzard and all CPS administrators to teachers’ average salaries.

    Pay them bonuses based on student performance beneath them.

    If test scores, graduation rates, and college admission rates remain flat, Brizzard makes what Huberman made.

    If they go up, his pay goes up.

    Ditto all the way down the line.


  50. - VanillaMan - Monday, Jun 13, 11 @ 5:52 pm:

    See what you guys are doing? You are fighting over who is to blame that CME wants out of Illinois. That is ridiculous.

    It shouldn’t be up to CME to cut a deal. Nor should it be Sears and anyone else thinking about moving out.

    There should be no reason to cut deals. There should be no reason we have to cut a deal to keep someone here.

    But we have to because the reality is that they want out.

    Who wants in? Who wants to expand? Who wants to be tomorrow’s start ups? The secret isn’t to cut a deal to keep yesterday’s big dogs in Illinois. The secret is to create a state where tomorrow’s big deals want to be born. Illinois is not that place.

    That is the problem.

    Curse all you want at CME and yesterday’s big dogs, but they are struggling against a future where they are losing their place. Sears is gone and has been replaced by Walmart. The 20th Century is gone and has been replaced by the 21st. Time is moving on. Depending upon a deal in order to keep companies in this state clearly exposes this state as a loser.

    Kvetch all you want about the decision makers, it has been the fault of the political decision makers that has prevented the needed market changes reflective within our state policies that have proven obsolete.

    You cannot florish with the attitude that you do not want someone nobody sent. And that is how Chicago has worked for over a Century. That attitude won’t win the future.


  51. - Plutocrat03 - Monday, Jun 13, 11 @ 6:02 pm:

    “low ratio of state employees to population”

    Not when you add all 7000 units of government to the working pool


  52. - soccermom - Monday, Jun 13, 11 @ 6:14 pm:

    Rich, I have offered to reciprocate many times. :)


  53. - truthteller - Monday, Jun 13, 11 @ 9:46 pm:

    Which program should be cut or which tax should be raised so we can give CME a tax break?


  54. - Michelle Flaherty - Monday, Jun 13, 11 @ 10:03 pm:

    VM, isn’t United expanding? Navistar consolidated here from other states.
    Pluto … so you’re against local control and prefer Springfield have more power? Hey, that’s the Mitch Daniels Indiana way. Forget local input, the state knows best. As we saw with links “base closure” bill, no one’s really ready to step up and start shutting down local government layers.


  55. - wordslinger - Monday, Jun 13, 11 @ 10:39 pm:

    VMan, you have to upgrade your game if you want to be taken seriously.

    The Fox and Friends coffee klatch stuff doesn’t cut it. I wish I could say you’re peddling Econ 101, but your game is not that sophisticated.

    Whatever. I remember you have kids. I hope they’re doing well

    Best to you and yours.


Sorry, comments for this post are now closed.


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        * MediaTek Shows Off A New Chipset With LTE Connectivity
        * Samsung Gear Smartwatches Get Support For 20 Smartphones And Tablets
        * Samsung To Launch Android Wear Powered Smartwatch Later This Year
        * Nokia Lumia 1020 Used To Document Underwater Diving Mission
        * High-End Samsung Tizen Device To Arrive By End Of Q2 2014

        * Robin Ventura vents about replay system after unsuccessful challenge
        * Big chill: Alexei motors home on walk-off error
        * Unlike previous seasons, Alexei catching fire
        * Ventura not pleased call at first base stands
        * White Sox 2, Red Sox 1: A win for the pitchers
        * Big chill: Alexei motors home on walk-off error
        * White Sox honored to don No. 42 on backs


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        * Gov. Pat Quinn, GOP gubernatorial candidate Bru.....
        * Quinn grabs big cash advantage over Rauner..
        * Lawmaker kicks off new campaign for Chicago casino..
        * Chicago man gets 50 years in 2008 shooting death..


        * Dress codes: Where should schools set limits?
        * Quinn, GOP's Rauner announce campaign donations
        * 6 residents, 2 firefighters, hurt in Chicago fire
        * Police: Ex-ISU president says he yelled at worker
        * Chicago-only casino option to face opposition
        * Rutherford: Dismiss sexual-harassment lawsuit
        * Man pleads guilty to 2012 sexual assault of child
        * Church: No evidence of abuse by reinstated priest
        * Farmers off to slow start planting corn crop
        * Tanning salons adjust to new Illinois law

        * Voter rights, crime victim rights amendments set for fall ballot so far
        * 2015 tax rates still far from settled
        * Illinois House Speaker Madigan cleared in transit probe
        * House bill urges schools to make digital emergency plans
        * House panel plans gambling expansion hearing in Chicago
        * Chicago-only casino option to face opposition
        * Rutherford's lawyers ask judge to dismiss sexual-harassment lawsuit
        * GOP's Rauner raised $9M in first quarter of 2014
        * Bill outlawing police ticket quotas clears Senate
        * School funding formula overhaul clears committee

        * Quinn grabs big cash advantage over Rauner
        * Modern Wing galleries reopen this week
        * Rutherford: Dismiss sexual-harassment lawsuit
        * Billionaire hedge fund executives join Ricketts' political group
        * ADM seeks chocolate asset sales as it retains cocoa presses


        * Aldermen searching everywhere for alternatives to property tax hike
        * Judge Harris spends $1M for appeals court bid — 5 times the salary
        * Feds: Rep. Derrick Smith admits to FBI he screwed up over bribe
        * Convicted ex-cop Mandell to judge: I ‘never ever bothered anyone’
        * Man who molested, photographed 11 kids gets 50 years in prison
        * Priest reinstated after inquiry finds abuse claim unfounded
        * CTA narrows possible routes for proposed CTA Red Line expansion
        * The proper response to Kansas atrocity: solidarity
        * Man dies day after he was charged in fatal South Side crash
        * Woman sexually assaulted Monday afternoon in Lake View


        * Man shot after argument in South Side bar
        * Boys jump into arms of cops, neighbors as South Side fire injures 8
        * Smoking rate among Chicago students drops
        * Embattled Homewood-Flossmoor girls basketball coach may not return
        * White Sox mark anniversary of Boston Marathon bombing
        * Oberweis says he and Durbin are both millionaires
        * Wicker Park deemed a top spot for millennials
        * Northfield officials acknowledge tension in Chief Keef saga
        * Steven Mandell's letters from jail get judge's attention
        * Shedd names newest penguin chick


        * City Approves More Video Gaming Despite Upcoming Ordinance
        * Rutherford: Dismiss Sexual Harassment Lawsuit
        * Madigan on Voting Rights: 'We Don't Know What The Future Holds'
        * Durbin Calls For A Return of 'Earmarks'
        * Quinn, Rauner At IEA Conference - Full Audio
        * FBI agents say indicted state rep took them to get bribe cash
        * McCarthy dismissive of crime research
        * Gas Station Owners Warn Against Fuel Tax Increase
        * Rauner: "I'm Not Anti Union At All"
        * Raising Gax Tax "Unwise," Says Quinn, But Offers No Other Ideas


        * Their view: Remembrance in the cruelest month
        * 2015 tax rates still far from settled
        * House bill urges schools to make digital emergency plans
        * Chicago-only casino option to face opposition
        * Rutherford's lawyers ask judge to dismiss sexual-harassment lawsuit
        * GOP's Rauner raised $9M in first quarter of 2014
        * Illinois House orders audit of anti-violence funds
        * Poll: Illinois residents least trusting of state government
        * Our opinion: Approve statute of limitations change for Illinois rape cases
        * Lt. Gov. Simon, husband report $208,000 in Illinois income


        * Saline board approves Peabody road proposal
        * RI County voters to decide on Hope Creek funding
        * Bettendorf roadwork begins Monday
        * GOP congressional candidates debate in Davenport
        * Strong winds increase threat of grass fires throughout Q-C area
        * Youth women invited to Strive for Excellence
        * Living Lands & Waters' MillionTrees project tops 725,000 trees
        * Chicago man gets 50 years in 2008 shooting death
        * Illinois House orders new audit of anti-violence funds
        * Ameren touts power grid upgrades; critics are skeptical


        * The 10th District money race
        * Aurora Democrat calls out IHSA
        * Lawyers: Ill. hazing law vague, unconstitutional
        * Ill. House OKs lower-cost hunting bill for seniors
        * Quinn’s running mate takes new consulting job

        * When Punishment Is Torture: An Open Letter...
        * Jesse Jackson Jr. placed in solitary confi...
        * Jesse Jackson Jr. Transferred To Alabama P...
        * Jesse Jackson Jr. sent to solitary then tr...
        * Jesse Jackson Jr. Maneuvers Himself Into M...
        * Jesse Jackson Jr. Changes Prisons, Could B...
        * Jesse Jackson Jr Moved to Alabama Prison C...
        * Inmates Sent To Solitary Confinement For H...
        * Jesse Jackson Jr. transferred to minimum s...
        * Jesse Jackson Jr. moved to another prison ...

        * Loading Koch Industries Website Too Many T......
        * Maryland and DC among worst for food aller......
        * Cleveland State University to reestablish ......
        * Convicted political boss Al Sanchez runnin......
        * Candidates make last filings for local, st......

        * Illinois Lt. Gov. Simon opposes pension le......
        * Dillard Odd Man Out on Pension Deal Reaction...
        * Sen. Mark Kirk sides with Rauner on pensio......
        * Governor's race infighting threatens pensi......
        * SCHOONERS - Home of Everyone's Favorite Be......

        * Wilson/Broadway Shooting Victim Home From Hospital
        * Local Entrepreneur Turns Potholes Into Profit
        * "Benchwarmer Bandit" Suspect Caught
        * He did his time. But will critics “let it go” with regards to Vanecko’s offense?
        * Water, Water, Everywhere
        * We Get Calls...
        * Activists with A Better Illinois use the “Illinois Fair Tax Calculator"
        * Former State Rep Smith Made Guilty Admission To Feds
        * The Civil War Death Toll, Reconsidered
        * Green Mill Jazz Fundraiser To Provide Day Camp For Boys & Girls


        * Governor Quinn Honors Jackie Robinson - Barrier-Breaking Baseball Player Was American Icon
        * Governor Quinn Urges Homebuyers to Act Fast and Take Advantage of Welcome Home Illinois Program - Program Offers First-Time Homebuyers Down-Payment Assistance and a 3.75 Percent Interest Rate on a 30-Year Fixed Mortgage
        * Extending Federal Unemployment Would Help 64,000 Illinois Workers - 86 Percent Still Without Work One Month Later; Veterans and Older Workers Hardest Hit
        * Governor Quinn Statement on Passover
        * Governor Quinn Visits Brookfield Zoo to Proclaim Autism Awareness Day - Event Makes Special Connections Between Children with Autism and Animals




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