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* As we’ve discussed before, a financial transaction tax has been off the table at least since May, when the governor, the House Speaker and the Senate President all turned a big thumbs down. Once again, here’s Bloomberg on September 18th…
The letters are stamped all over the hallways of Chicago’s giant skyscrapers and grand office buildings. DRW, IMC, CME, Cboe.
These are some of the derivatives firms that collectively handle trillions of dollars a year in trades, greasing the wheels of global markets with everything from stock options to corn futures. Most of them have called Chicago home for decades — providing thousands of jobs within the city’s $75 billion finance industry.
Now, the firms’ commitment to the Windy City is being tested by some $800 million in taxes proposed by a new mayor staring down a budget gap that’s swelled to half a billion dollars. One idea is a levy on financial transactions, which has alarmed companies already worried about a jump in crime that shows few signs of abating.
Behind the scenes, market makers and exchanges are working together to press their case with policymakers, with firms that typically compete with each other sharing data to help explain their economic benefits to Chicago. While executives haven’t explicitly threatened to leave, in private conversations it’s clear they will consider quitting the city if crime remains an issue and the financial transaction tax passes.
* Bloomberg on September 27…
Abbott’s remarks follow reports that CME and other financial firms in Chicago, including CBOE Global Markets Inc. and IMC, are alarmed by Mayor Brandon Johnson’s idea for $800 million in taxes, including a levy on financial transactions.
* Another article from Bloomberg on September 27…
Trading firms currently occupy more than 3.5 million square feet in the city, equivalent to 60 football fields. In the past three years, they’ve added about 700,000 square feet, and that doesn’t include the trading divisions of large banks such as JPMorgan Chase & Co. […]
[Johnson’s] administration has proposed new levies, including higher real estate transfer taxes and a financial transaction tax, prompting a reaction from Chicago’s trading community to push their case to the city.
* Bloomberg on October 6…
CME Chief Executive Officer Terry Duffy’S] commitment to Chicago is being tested as stubbornly high crime rates and a slew of taxes — including a financial-transaction levy proposed by Mayor Brandon Johnson — have him considering his options.
* Johnson, as expected, did not propose a transaction tax. So Bloomberg found another way to get at the issue today…
Illinois Governor J.B. Pritzker said he would veto any legislation to impose a financial transaction tax that could harm Chicago’s storied exchanges and cause them to leave the state.
“Let me be clear, there is no financial transactions tax on the table, period,” the Democratic governor said in an interview with Bloomberg News. “There will not be support. I would veto it.” […]
At a press conference last week, the mayor dodged Bloomberg questions about what taxes proposed during his campaign are still on the table, limiting his comments to what has been presented in the budget.
“What I presented on Wednesday is what’s actually on the table,” he said. “There’s nothing new that I’m hiding. That’s what’s on the table.”
Still, he is setting up a subcommittee in City Council to find new sources of revenue.
Johnson dodged the question? *Facepalm*
posted by Rich Miller
Monday, Oct 16, 23 @ 12:57 pm
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Maybe Bloomberg has an ear worm from the late 80s and George H.W.:
“read my lips, no new taxes”.
Comment by don the legend Monday, Oct 16, 23 @ 1:04 pm
Maybe if Mayor Johnson would try shooting this horse and a few others it might finally die
Comment by Lucky Pierre Monday, Oct 16, 23 @ 1:05 pm
I thought Bloomberg wants to push the Chicago transaction tax fantasy in hopes of pushing the exchanges possibly to New York. Since Bloomberg’s idea of their world order is New York Good, Chicago and Everywhere Else Bad.
Comment by Stuck in Celliniland Monday, Oct 16, 23 @ 1:07 pm
Purposeful disinformation that an able press shop helping a mayor would slam dunk on Bloomberg.
I can’t help these folks. I’d had more success helping Lightfoot, and that’s really saying something
Comment by Oswego Willy Monday, Oct 16, 23 @ 1:07 pm
In the style of the Twitter account New York Times Pitchbot, “Chicago Mayor Brandon Johnson and Illinois Governor JB Pritzker have repeatedly shot down talk of a financial transactions tax. So why does it feel like one’s about to be enacted?”
Comment by Roadrager Monday, Oct 16, 23 @ 1:11 pm
Bloomberg reporter seeks interview with Fox News…
Comment by Lincoln Lad Monday, Oct 16, 23 @ 1:21 pm
==would try shooting this horse ==
Have you been paying any attention to the posts regarding this matter. Because if you had you wouldn’t make such a dumb statement. Try reading this post. I know it’s difficult for you to read and comprehend things but I think you’ll get your answer. This has been shot and killed.
Comment by Demoralized Monday, Oct 16, 23 @ 1:25 pm
For variety’s sake, the IPI could take up the story on financial transactions tax and Bloomberg could start running the weekly “millions fleeing Illinois” feature on population loss.
Comment by Linus Monday, Oct 16, 23 @ 1:25 pm
It’s about the clicks. I have given up reading the NYT (which I have read since the 1970s) because it’s about 3 to one about Trump over Biden. An article about a tax on transactions will get clicks. Otherwise they have to go out and do some actual reporting.
Comment by Banish Misfortune Monday, Oct 16, 23 @ 1:31 pm
The current editor-in-chief of Bloomberg has written quite a few, um… interesting books over the years. The new CEO of Bloomberg took over in August of this year.
Not surprising to see Bloomberg focused so hard on this.
Imagine the “Chicago Boys” before they spread out to their various government positions in places like Chile, but with religion thrown in too.
Comment by TheInvisibleMan Monday, Oct 16, 23 @ 2:04 pm
Did you read the part where the Mayor dodged the question? Irbid up to him to end it once and for all and not dance around the issue.
Maybe the Mayor should take a stand and explain reality to his progressive base.
Most of them can probably handle hearing an opinion they disagree with unlike some people.
It would reassure the business community and put the matter to rest.
He should say the same thing for the raising the transfer tax on struggling commercial buildings too.
Comment by Lucky Pierre Monday, Oct 16, 23 @ 2:59 pm
===Did you read the part where the Mayor dodged the question?===
I, myself, read the part where he was accused of dodging the question by someone seemingly completely obsessed with this topic when he actually, to my eyes, did not dodge the question.
Comment by Rich Miller Monday, Oct 16, 23 @ 3:11 pm
== unlike some people.==
And out comes the victimhood again.
Comment by Demoralized Monday, Oct 16, 23 @ 3:19 pm
When there’s slim doomsaying pickings and Illinois improving (budgets, credit ratings, finances/debt), spelunkers will keep pushing old and failed narratives, like they’re doing with exodus.
Comment by Grandson of Man Monday, Oct 16, 23 @ 5:09 pm
Bloomberg demands that Johnson disavow the idea to raise money by opening a lemonade stand that he had when he was 6.
Comment by Bloomberg demands Monday, Oct 16, 23 @ 10:44 pm