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.
The city is in a tough spot. Officials are projecting a $538 million budget deficit next year, with spending pressured by inflation and a surge in asylum seekers who have arrived in Chicago with no money or means of support. The threat of new taxes comes at a tricky time for the city. Any firm mulling a move would likely get a friendly reception from economic development officials in Texas, Florida or other Sun Belt states that have seen a wave of relocations since the start of the pandemic. New York and California have each lost companies that managed close to $1 trillion of assets.
One of his campaign proposals would generate $20 million annually by reinstating a $4 per employee tax on big businesses. An additional $100 million could come from raising the levy on high-end property purchases — the kinds of homes bought by wealthy finance workers. Trading has moved to electronic screens. And the computer servers where transactions are matched can be easily relocated elsewhere to potentially dodge the tax. In fact, Cboe’s servers are already in New Jersey.
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