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Sorry domer, Chicago can't offer ANY type of incentive that would keep the MERC if they did actually choose to leave. They have no money whatsoever. The most financially sound city could not offer that type of incentive, it would bankrupt them, only the feds and a state can offer up that kind of cash deal the likes of what CME would need. That's just dollar and cents and the law so Rahm could jump up and down and promise to streak along the Mag wearing lipstick and carrying a purse. He would be powerless because the coffers he has access to are completely empty sans the lint. Oddly enough, if Rahm were all that powerful, Chicago would have gaming but they don't because the Illinois legislature voted it down yet again. The mayor of Chicago is powerful in Illinois but at the end of the day the state will trump any city even NY State with NYC. If a state really wants to be a butt hole about something with a city, not much that city can do about since they are bound to laws of that state.
The tax break would funnel down to the Taxpayer. If you lose revenue from a major corporation like CME then the money is lost.
No
CME was not taxed fairly compared to their model of business and to me seems unjust.
To equal the lost revenue the money will need to be either replaced or it would have to come from cutting programs like police protection and fire protection along with probably some security for the city/state.
Rham has extreme pull even though he cant call a special meeting with Illinois legislators he sure as heck can call quinns cell phone and start working with the legislators.
This happens all over the United States and happens at all level of government.
Basic 101 -
Same thing in Indiana if they give a tax break to CME or what ever company that money has to be replaced somehow. It just can magically appear.
You can argue the fact that if you cut tax in one area than you would have an increased revenue in another thru payroll etc... but that is debatable to.
This is a good example of the occupy groups and what is going on with that front.
Just like in Indianapolis ... Indy has influence over the state because of the tourism , concert events they typically generate revenue that is distributed throug the state to the other municipalities .
Its not like Ft. Wayne, IN or S. Bend is going to be holding major sporting events or major conventions of any kind.
Nice cities and all but they can never generate the revenue that a city like Indianapolis could do.
The favors go to the place that brings in the cash@!!!! Obviously its not always a bad thing either. After all we all want lower taxes and nice parks and decent roads to drive on.
This is an upper hand and probably justified.
After all wasn/t Lucas stadium somehow connected to the money being secured by default to taxpayers?
Just yesterday there were a few articles about the states vs. states offering the incentives to the corporations not just indiana and illinois but examples of other states
its starting to become a bigger issue and starting to surface more and more.
In the meantime its this cat and mouse game.
Last edited by sunnyandcloudydays; 12-04-2011 at 08:39 AM..
The tax break would funnel down to the Taxpayer. If you lose revenue from a major corporation like CME then the money is lost.
No
CME was not taxed fairly compared to their model of business and to me seems unjust.
To equal the lost revenue the money will need to be either replaced or it would have to come from cutting programs like police protection and fire protection along with probably some security for the city/state.
Rham has extreme pull even though he cant call a special meeting with Illinois legislators he sure as heck can call quinns cell phone and start working with the legislators.
This happens all over the United States and happens at all level of government.
Basic 101 -
Same thing in Indiana if they give a tax break to CME or what ever company that money has to be replaced somehow. It just can magically appear.
You can argue the fact that if you cut tax in one area than you would have an increased revenue in another thru payroll etc... but that is debatable to.
This is a good example of the occupy groups and what is going on with that front.
Just like in Indianapolis ... Indy has influence over the state because of the tourism , concert events they typically generate revenue that is distributed throug the state to the other municipalities .
This is an upper hand and probably justified.
After all wasn/t Lucas stadium somehow connected to the money being secured by default to taxpayers?
lol so does Chicago but one major difference can't be fixed until either A chicago loses enough population or B Rural Illinois gains enough population.
Chicago controls the state thats not democracy.
Illinois will be on my friend list when Chicago doesn't control and hold the rest of the state hostage because thats not democracy thats anarchy. Which someday that won't be the case anymore
Indianapolis metro contains 30% of indiana's population the rest of our state holds Indy in check and plus were not filled with corruption.
Indiana's tax code is difference in respect for CME group.
They would only pay taxes for transactions within Indiana. Currently our Corporate tax is going to be reduced from 8.5% to 6.5% nearly a 25% cut.
At the same time Businesses have to pay property taxes i hear stories all the time of Illinois having 5% or higher property taxes. Heck my family tells me about it too.
Indiana's Property taxes were capped by Mitch Daniels to 1% residential 2% farming 3% businesses.
If Illinois wants to even try and make their business climate better this is rather easy i would start with capping the property taxes. (Doesn't have to use Indiana's code but you can figure out a formula to keep public schools funded but to make sure homeowners etc aren't robbed)
lol so does Chicago but one major difference can't be fixed until either A chicago loses enough population or B Rural Illinois gains enough population.
Chicago controls the state thats not democracy.
Illinois will be on my friend list when Chicago doesn't control and hold the rest of the state hostage because thats not democracy thats anarchy. Which someday that won't be the case anymore
Indianapolis metro contains 30% of indiana's population the rest of our state holds Indy in check and plus were not filled with corruption.
Indiana's tax code is difference in respect for CME group.
They would only pay taxes for transactions within Indiana. Currently our Corporate tax is going to be reduced from 8.5% to 6.5% nearly a 25% cut.
At the same time Businesses have to pay property taxes i hear stories all the time of Illinois having 5% or higher property taxes. Heck my family tells me about it too.
Indiana's Property taxes were capped by Mitch Daniels to 1% residential 2% farming 3% businesses.
If Illinois wants to even try and make their business climate better this is rather easy i would start with capping the property taxes. (Doesn't have to use Indiana's code but you can figure out a formula to keep public schools funded but to make sure homeowners etc aren't robbed)
There is corruption in every state broadripple.
My point with a larger city like Indianapolis .
If you have a larger percentage of the population based there than of course your going to have more influence over what laws are passed.
Just like in Illinois the people way down in the southern part of the state benefit from an event at mccormick.
It is a two way street -----For example an Indianapolis convention generates tax money for the state then the state distributes the money to the counties or other municipalities.
If you have a larger percentage of the population based there than of course your going to have more influence over what laws are passed.
Just like in Illinois the people way down in the southern part of the state benefit from an event at mccormick.
It is a two way street -----For example an Indianapolis convention generates tax money for the state then the state distributes the money to the counties or other municipalities.
The smaller county gains from Indianapolis.
not really here in Indiana.
South Bend/Fort Wayne don't really gain anything from Indianapolis.
an exception is the Super Bowl but thats only going to give an economic impact a little for Fort Wayne and cities within an hour drive of Indy.
if your a suburb of Indy thats a different story.
Also Evansville doesn't gain from Indy heck Evansville is so isolated from Indy until Mitch Daniel's I-69 is done.
an exception is the Super Bowl but thats only going to give an economic impact a little for Fort Wayne and cities within an hour drive of Indy.
There was actually an article in the Muncie Star Press not long ago that talked about how the local hotels haven't seen an increase in hotel reservations weeks before the Super Bowl despite being only an hour from downtown Indy.
Places like Lafayette, Anderson, Kokomo, etc might see an increase in hotel traffic as the game draws nearer, but I don't see much beyond that in terms of economic benefit. Let's be honest: small industrial cities don't offer much in terms of things to do, and especially in the dead of winter.
There was actually an article in the Muncie Star Press not long ago that talked about how the local hotels haven't seen an increase in hotel reservations weeks before the Super Bowl despite being only an hour from downtown Indy.
Places like Lafayette, Anderson, Kokomo, etc might see an increase in hotel traffic as the game draws nearer, but I don't see much beyond that in terms of economic benefit. Let's be honest: small industrial cities don't offer much in terms of things to do, and especially in the dead of winter.
Exactly.
Indianapolis Metro will be getting the max from this.
But for Indiana's Future we need to depend on Indianapolis driving the rest of Indiana. Then let it trickle down to the rest of the state.
half of Indiana's population growth in the last 20 years came from Indianapolis. 5.5M people jumps to 6M from 1990-2000 Indy metro gained 250,000 people.
jumps 410,000 the last 10 years Indy gains 200,000.
But i have to say i am proud that our state has taken a proactive approach to bringing in people and businesses.
Indiana got slammed by the rust belt decline after the 70s. Richard Lugar/Mayor Hudnut/Evan Bayh/Greg Ballard have done a good job for both Indy and Indianaand diversifying our economy. Proud to have them representing us.
Long live Hoosiers
Well a state sales tax no matter where it comes from is going to go into the state coffers.
So my point if you have x amount of people at the BIG 10 football championship it helps the state to not just the local economy.
Of course on top of the state tax i am sure there is a hotel tax in the city limits of Indianapolis.
this being one of the reasons cities are always trying to lure visitors.
No doubt the superbowl is a big game in town for Indianapolis.
What city would not want to fill up the city coffers with out of town money
In return the fans get back a good game and a great venue , in that instance its a win -win.
Same goes for an employee
Employee works in Laporte co. Indiana some of that money he or she pays into the state tax is going to be funneled accordingly.
I am not sure how money is distributed in Indiana but its sliced up and thrown into different coffers.
Well a state sales tax no matter where it comes from is going to go into the state coffers.
So my point if you have x amount of people at the BIG 10 football championship it helps the state to not just the local economy.
Of course on top of the state tax i am sure there is a hotel tax in the city limits of Indianapolis.
this being one of the reasons cities are always trying to lure visitors.
No doubt the superbowl is a big game in town for Indianapolis.
What city would not want to fill up the city coffers with out of town money
In return the fans get back a good game and a great venue , in that instance its a win -win.
Same goes for an employee
Employee works in Laporte co. Indiana some of that money he or she pays into the state tax is going to be funneled accordingly.
I am not sure how money is distributed in Indiana but its sliced up and thrown into different coffers.
Yes and the articles pointed out Indiana would get millions in tax revenue well saving CME group millions too. Win Win.
Indy though would get alot because CME groups employees average wage is 100k a year i believe Indy has a 1% income tax for Marion County and thats 1,000$ extra for each employee. Multiply that by the estimated 2,000 people that would be moved. thats 2M dollars right there using basic math.
Oh well when will Chicago stop shooting itself in the foot? Nobody knows.
Also not to mention the boast to our local economy in addition to Super Bowl 46.
Already just this year 18 companies left Illinois for Indiana and a majority from Chicago area.
Major ones i can think of are the American College of Education moving HQ to Indy from Chicago. creating 40 jobs for us and heck saw their HQ sign in Downtown Indy off Illinois Street.
2nd major one was Modern Forge to Merriville.
3rd was South Holand Paper Company moving a few miles east into NWI.
Also contrary to alot of Chicagoans and even a few people from Indy saying CME won't come here. Don't be so sure. Why would they call up Mayor Greg Ballard to leave a meeting early? also 2nd why would they be in talks with CME for months? obiviously if CME was just using Indy to get the tax breaks this wouldn't of been going on for months behind closed doors.
If CME or CBOE moves to Indy Chicago will of basically shot itself in the foot again but this one would be major.
No doubt though the most embarassing moves from Illinois to Indiana are the companies that move to NWI which is still part of Chicagoland. Thats embarassing for Chicago/Illinois to lose businesses to within its own metro area but in a different state.
Last edited by Broadrippleguy; 12-04-2011 at 12:30 PM..
Now it appears Carmel is also trying to court CME according to the IBJ and wthr. I'm still on the record as saying they are waiting for Illinois to cave in which they will but and it will more than likely be more that the 150 mil Carmel is talking about offering. Go big or go home. Also if I'm not mistaken the only building in the region right now that could hole CME as far as their space requirements is Chase Tower.
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