Destination: Tennessee, Texas or Florida

The Chicago Tribune reports "CME Group calls tax situation 'untenable;' says it may exit state" July 28:

CME Group Inc. is evaluating whether to move some operations to other states from Chicago to reduce its taxes, but it has not decided on an exact timeline, CEO Craig Donohue said Thursday.

"Our tax situation is untenable," Donohue told Reuters, noting that CME is taxed more heavily than any of its global competitors. The company is talking with at least three states -- Texas, Florida and Tennessee -- about relocating some of its business to take advantage of lower tax rates there, Donohue said.

The Foundary (Heritage Found.) reports:

Policies like [Democrat Gov. Pat] Quinn’s are leaving some states behind while other more competitive states are surging ahead. A new “Rich States, Poor States” study by the American Legislative Exchange Council (ALEC) digs into why some states are prospering while others (like Illinois) are failing, ranking each state based on its economic performance (as determined by 1999–2009 absolute domestic migration, personal income per capita, and non-farm payroll employment).

Sadly for Illinois, it ranks third to last, behind Michigan and Ohio. Illinois saw 652,205 residents leave the state, a drop in employment of 7 percent, and personal income per capita growth of only 34.8 percent. The researchers at ALEC place the blame squarely on the state’s tax burden, and they say the state’s future isn’t bright.

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