Caterpillar has been based in Illinois for decades. It is one of the Dow Jones Industrial Average companies. And now, thanks to Governor Quinn, all of that is in danger:
- The chief executive of Caterpillar wrote a letter to Illinois Gov. Patrick Quinn raising the possibility the heavy equipment company could move out of Illinois because of concerns that the direction the state is heading isn't favorable to business.
In a letter to Gov. Pat Quinn obtained Friday by The Pantagraph of Bloomington, Doug Oberhelman said officials in at least four states have approached Peoria-based Caterpillar 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. "The direction that this state is headed in is not favorable to business, and I'd like to work with you to change that."
There seem to be only two ways for this to go. One, Quinn grants all sorts of tax breaks to Caterpillar, all of which reduce the amount of money coming into government coffers. Or two, Quinn says "No" and Cat leaves Illinois, thereby reducing the amount of money coming into government coffers along with costing up to 23,000 people their jobs, all of whom will want government relief in some form or another.
Another step on the road to Detroit, Michigan.
Another step on the road to Detroit, Michigan.