Last week, the Chicago Mercantile Exchange threatened to leave Illinois due to the recent hike in corporate taxes. This isn’t the first company to plan such a move. Usually Gov. Pat Quinn quickly intervenes, hands out some more tax breaks, and everything gets back to normal. But The Grassroots Collaborative is calling the group’s bluff, and is holding a bake sale right now outside the CME’s office at 20 S. Wacker. The activist organization plans to “raise money” for the group, which it claims made $1 billion in profits last year.
According to Crain’s, the CME Group Executive Chairman Terrence Duffy claims that the firm will lose $50 million this year if it stays in the state. The Grassroots Collaborative thinks the number is off, especially since it gets $15 million in tax increment financing (TIF) subsidies every year.
Which group is right? Well, we have absolutely no idea. But if you’re in need of a muffin this morning, now you have another choice in the Loop. Though we tried, we were unable to confirm what flavors of muffins will be available.