After more than 150 years, CME Group, Inc., the world’s biggest futures exchange company, is threatening to leave Chicago as a result of the state’s huge corporate tax hike.
“Our tax situation is untenable,” CME CEO Craig Donohue told Reuters, adding that the company is taxed more than any of its competitors. CME is now talking to Texas, Florida, and Tennessee about moving their headquarters there.
As the Chicago Tribune points out, CME’s financial woes aren’t limited to state taxes — the company’s shares have gone down 25% since the financial crisis, underperforming the market, as well as its competitors.
But CME is not the only major company threatening to leave the state since Illinois raised corporate taxes by 45% this year.
Sears, another longtime corporate powerhouse in the Chicago area, is also considering relocation. In May, the state doled out more than $100 million in incentives to keep Motorola in the state.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.