I see no reason why they would not actively consider at least moving their servers to a more business friendly environment, leaving the floor(s) in place - after all, those on the floor don't really care about shaving a few ms. off their server activity. And most of the CME revenue I believe is from their Globex operations, so moving it to a state like Tx would save significant tax revenue for the "shareholders".
Chicago Exchanges Eyeing Exit From City Over High Taxes
- Thread starter JamesL
- Start date
I see no reason why they would not actively consider at least moving their servers to a more business friendly environment, leaving the floor(s) in place - after all, those on the floor don't really care about shaving a few ms. off their server activity. And most of the CME revenue I believe is from their Globex operations, so moving it to a state like Tx would save significant tax revenue for the "shareholders".
The stupid politicians should finally learn that "If You Tax Something, You Get Less of It "
http://mjperry.blogspot.com/2011/04/if-you-tax-something-you-get-less-of-it.html
http://mjperry.blogspot.com/2011/04/if-you-tax-something-you-get-less-of-it.html
Why keep the data centers, developers and back office staff in the US? World wide trading exchange appears to be their goal. They already have carrier neutral distributed infrastructure through out the world with point of presence at each of the exchanges.
Hell they can build out a cruise ship to float their operations and only be subject to international maritime laws.
Hell they can build out a cruise ship to float their operations and only be subject to international maritime laws.
A U.S. company called SeaCode plans to take full advantage of maritime law in its "hybrid outsourcing" business plan. Established in 2005, SeaCode has an innovative idea that stems from recent changes in immigration law (called H1-B) that make it much more difficult to get work visas for foreign skilled workers, most notably computer programmers out of India. What's SeaCode's plan? Buy a used cruise ship, register it in the Bahamas (where there are no H1-B visa laws), park it off the U.S. coast and put hundreds of programmers onboard full-time. SeaCode can house as many Indian programmers as they can fit in the ship (which is 600, according to the founders) and skip the U.S. visa process altogether. Labor laws are an exception within territorial waters. If the ship is registered in the Bahamas, U.S. labor laws don't apply. SeaCode will be operating under Bahaman labor laws three miles off the coast of California.
===========
Sears & CAT thinking about leaving, article noted .
All 3 leaving could provide some kind of a clue
:eek: I loved Chicago but...
Illinois recently raised its State Income Tax 50%, Chicago has multiple additional taxes, depending on where you are within the City.
There is a 2.250% "food and drug" tax.
There is a 3% Chicago "soft drink" tax.
There is a 1% Navy Pier "food and beverage" tax.
Yeah and $40 to park for the pleasure of shopping there ($4 city tax).
To this day, all restaurants in downtown Chicago are required to add a McPier tax onto diners' checks. It is one of the reasons that Chicago has the highest sales tax in the nation, and why many visitors get sticker shock when they find out that the tax on items such as soda pop purchased in the wrong zone will cost them more in sales tax than even the notoriously high V.A.T. levied in some European nations.
Unable to secure a financial rescue in Springfield this session, the agency that runs McCormick Place and Navy Pier will have to tap state sales taxes for the first time to cover its debt obligations this. They recently privatized the pier operations so exactly how a private for profit enterprise is able to tap sales tax revenues is a mystery for all except those in on the scheme.
"Tourism taxes are expected to fall short of debt costs by as much as $6.5 million in the year that ends June 30"
I'm sure the 10.25% sales tax and the, what is it now.. 20% tax on hotel and car rentals, have NOOOOO impact on people vacationing here.
Illinois just removed the smoking ban in casinos. Apparently those lives are no longer worth saving, but they hope the tax payoff is better.
Illinois recently raised its State Income Tax 50%, Chicago has multiple additional taxes, depending on where you are within the City.
There is a 2.250% "food and drug" tax.
There is a 3% Chicago "soft drink" tax.
There is a 1% Navy Pier "food and beverage" tax.
Yeah and $40 to park for the pleasure of shopping there ($4 city tax).
To this day, all restaurants in downtown Chicago are required to add a McPier tax onto diners' checks. It is one of the reasons that Chicago has the highest sales tax in the nation, and why many visitors get sticker shock when they find out that the tax on items such as soda pop purchased in the wrong zone will cost them more in sales tax than even the notoriously high V.A.T. levied in some European nations.
Unable to secure a financial rescue in Springfield this session, the agency that runs McCormick Place and Navy Pier will have to tap state sales taxes for the first time to cover its debt obligations this. They recently privatized the pier operations so exactly how a private for profit enterprise is able to tap sales tax revenues is a mystery for all except those in on the scheme.
"Tourism taxes are expected to fall short of debt costs by as much as $6.5 million in the year that ends June 30"
I'm sure the 10.25% sales tax and the, what is it now.. 20% tax on hotel and car rentals, have NOOOOO impact on people vacationing here.
Illinois just removed the smoking ban in casinos. Apparently those lives are no longer worth saving, but they hope the tax payoff is better.
Obama is a product of the corrupt chicagoland/springfield culture. He desperately wants to impose some version of it on the entire country. If he's reelected look for some sort of effort to prevent companies from decamping to more tax-firendly states. They have already tried it on Boeing through a radical and unprecedented unfair labor charge at the NLRB.
I doubt the current CME management will do anything, as they are too hardwired into that culture. They wouldn't know how to operate in an honest, transparent state.
I doubt the current CME management will do anything, as they are too hardwired into that culture. They wouldn't know how to operate in an honest, transparent state.