Corporations should decline tax breaks

This is the season of hopes and dreams, so let’s spend a moment dreaming.

Let’s imagine that derivatives exchange group CME, Chicago, and Hoffman Estates-based Sears Holdings Corp., decided to turn down offers to relocate to other states to save on taxes.

Let’s pretend that Craig Donohue, CEO of CME, and Louis J. D’Ambrosio, CEO of Sears Holdings, made the following statement to their respective boards:

“Illinois has been very good to us. We’re going to give this state a return for all they have invested in us and stay in Illinois. This state is underwater financially and cannot afford the tax breaks we typically seek, but we will remain here in an effort to help rebuild the economy.”

Let’s imagine they made this statement to their stockholders: “Our employees enjoy living in wonderful communities with many advantages and great schools. It’s not worth saving a few million dollars if it means uprooting them and their families from their neighborhoods and friends to a new town in another state, and besides, relocation expenses would also be very costly to our corporation.” (According to public records, CME has about 2,570 employees; Sears Holdings has about 31,200.)

Dreams aside, Illinois cannot afford to hand out massive tax breaks. Our representatives should decline these requests and keep in mind that corporations enjoying the greatness of this state should stand behind it — not threaten to leave it.

M.N. Hunt

Gurnee