As we recently noted, the allies of Chicago’s new mayor Brandon Johnson have released an economic plan titled ‘First We Get the Money.’ The plan involves the implementation of new taxes, some of which will directly apply to the financial industry.
That has the Chicago Mercantile Exchange very concerned, and they are prepared to leave the city if they feel it’s necessary.
As reported by The New York Post, the iconic Chicago Mercantile Exchange (CME) opened in 1898, only 27 years after the infamous Great Chicago Fire. Proud Chicagoans heralded the CME as a major part of the city’s rebirth and helped establish the Windy City as a world financial hub.
Johnson, whose far-left socialist mindset exceeds even that miserably of failed Lightfoot, has proposed new taxes to the tune of roughly $800 million, including a financial transactions tax (FTT) that would make it virtually impossible for CME to do business in Chicago.
FTTs are levied on the buying and selling of financial assets, such as stocks, bonds, and derivative assets, and are based on a percentage of the traded asset’s value, with the tax being paid when a trade is made. As a longtime registered investment advisor, I call bullcrap — which I’ve done in similar situations, through the years — but the last time I checked, my vote doesn’t count. However, it remains to be seen whether a direct threat from the Merc and its $66 billion market cap to the new tax-and-spend Chicago mayor does.
In a recent interview with Bloomberg, CME CEO Terry Duffy said the exchange is prepared to leave Chicago “if we had to.”
This would be an absolute disaster for Chicago.
Poster Comment:
How about the Nashville Mercantile Exchange. No state income tax. No crazy judges and DAs.