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The price of high taxes?

PRINGFIELD -- The chairman and CEO of Peoria-based Caterpillar Inc. is raising the specter of moving the heavy equipment maker out of Illinois.

In a letter sent March 21 to Gov. Pat Quinn, Caterpillar chief executive officer Doug Oberhelman said officials in at least four other states have approached the company about relocating since Illinois raised its income tax in January.

"I want to stay here. But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest," Oberhelman wrote in the letter obtained Friday by the Lee Enterprises Springfield bureau. "The direction that this state is headed in is not favorable to business and I'd like to work with you to change that".

Do progressives ever learn?

Answer Question

Asked by Carpy at 10:39 PM on Mar. 25, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (23)
  • – collapse

    Do you? You are being taken for a ride....

    Corporations are getting record profits.....and where is the money going?

    not to jobs or better health benefits,,,



    Answer by sweet-a-kins at 10:42 PM on Mar. 25, 2011 (hidden) + expand

  • Only in your progressive world where all income belongs to the government, sweet.

    Comment by Carpy (original poster) at 10:44 PM on Mar. 25, 2011

  • To put that in perspective, said Lynn Reaser, the chief economist at Point Loma Nazarene University in San Diego, it's important to note that companies were able to bring production back up to pre-recession levels without hiring any more workers.

    "We have now recovered all of the output lost in the recession, but we are still down by 7.5 million workers," she said.


    Answer by sweet-a-kins at 10:46 PM on Mar. 25, 2011

  • COs are beholden to their shareholders...... The worker will never win- we are being held hostage. Hitting them in their pocketbook is the only answer. Glad I do not need a Caterpillar product.

    Jobless people do not buy big ticket items...wonder when THAT concept will register? There has to be a balance-


    Answer by Sisteract at 10:51 PM on Mar. 25, 2011

  • Here is a little more sense than what you posted sweet. Maybe someday you will learn to dig a bit deeper into the data.




    Comment by Carpy (original poster) at 10:57 PM on Mar. 25, 2011

  • – collapse

    Only in your progressive world where all income belongs to the government, sweet.

    That's a dumba$$ insult...and not at all true....too bad you start every convo like that


    Answer by sweet-a-kins at 11:11 PM on Mar. 25, 2011 (hidden) + expand

  • Who can blame them? We are seeing the same problems here in Oregon since they raised the corp tax rates and implemented a 3.4% surcharge on everyone else.

    A business is in business to make a profit for its owners. Corporations are just owned by a few greedy individuals, but by many many stockholders. It is amazing how people will squeal over these profits when it is the profits that are paying the pensions of millions of Americans. Where do people think the money for pensions and 401K's comes from? What about the small investors? My husband and I invest in stocks and we are certainly not evil and rich. What about kid's college money is invested in big corps too!

    I am willing to pound the corps when needed, but I have a problem pounding them for making profit.

    Answer by yourspecialkid at 11:18 PM on Mar. 25, 2011

  • Oops..that should say AREN'T owned by a few greedy individuals.

    Answer by yourspecialkid at 11:19 PM on Mar. 25, 2011

  • sweet, from your article- it's the FINANCIAL sector that's carrying most of the gains...(and GE)

    "But while the financial sector continued to recover from its 2008 meltdown -- with profits jumping some $51 billion in the fourth quarter, a gain of 51 percent over the previous quarter -- non-financial firms actually saw profits fall by roughly $10 billion, according to the BEA figures."

    "Part of the reason, said Reaser, was that although high productivity drove down labor costs, persistent unemployment and pinched consumers left companies unable to charge the higher prices needed to boost profits. More companies will start pushing more aggressively to improve profit margins this year, she said. :

    The article goes on to say that firms will need to boost hiring this year in order to boost profits. So- yay capitalism, right?

    Answer by lovinangels at 11:23 PM on Mar. 25, 2011

  • I don't think that it's a matter of learning, I think they know exactly what they are doing. Remember Van Jones and top down, bottom up, they are trying to push us all the way to the point of no return...

    It's Interesting how some companies have to pay taxes and others don't... Some companies get h/c waivers, others don't... I just saw that G.E. didn't have to pay a dime in taxes last year, they made $5 billion in the U.S; I guess it's all in who your buddy is, huh? Lou Dobbs said that G.E. bought themselves some loopholes...

    Answer by agentwanda at 11:25 PM on Mar. 25, 2011

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