Here’s How Much Tax Revenue Illinois Will Lose From Citadel’s Decision To Cut Bait
Ken Griffin is fleeing Democrat-run Illinois. He’ll take over $200 million in annual income tax revenue with him, and that’s just his personal share.
Illinois’s richest resident, hedge-fund CEO Ken Griffin, announced on Thursday that he—and his company, Citadel—are packing up shop and heading to Miami, citing a better corporate environment and rising crime rates in Chicago.
The move, which Griffin announced in a letter to employees, will deprive Democrat-run Illinois of hundreds of millions of dollars in annual income tax revenue, a company spokesman told the Washington Free Beacon.
Griffin alone—who is worth approximately $25 billion—pays over $200 million in state income taxes every year, the spokesman said, and Citadel employees have themselves funneled over $1 billion to the state over the past decade.
Citadel is the third major corporation to announce plans to leave Illinois in the past two months. Caterpillar said earlier this month that it would move its headquarters from Illinois. The announcement followed Boeing’s decision in May to move its headquarters to Arlington, Va., from downtown Chicago.- READ MORE
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