{"id":1434487,"date":"2023-10-23T23:00:00","date_gmt":"2023-10-24T03:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1434487"},"modified":"2023-10-23T23:00:00","modified_gmt":"2023-10-24T03:00:00","slug":"illinois-hands-out-536-million-in-tax-credits-for-2600-jobs-beneficiary-is-china","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/illinois-hands-out-536-million-in-tax-credits-for-2600-jobs-beneficiary-is-china\/1434487\/","title":{"rendered":"Illinois Hands Out $536 Million In Tax Credits For 2,600 Jobs, Beneficiary Is China"},"content":{"rendered":"

Illinois Hands Out $536 Million In Tax Credits For 2,600 Jobs, Beneficiary Is China<\/span><\/p>\n

\n

Authored by Mike Shedlock via MishTalk.com,<\/em><\/a><\/p>\n

Illinois is paying over $206,000 per job for 2,600 jobs. The primary beneficiary is a Chinese company known for stealing technology.<\/p>\n

<\/a><\/p>\n

Chinese Companies and Your Tax Dollars<\/strong><\/h2>\n

Illinois Gov. J.B. Pritzker doles out $536 Million in tax credits and other incentives to lure Gotion, a battery firm that no other states wanted.<\/p>\n

American taxpayers are now funding Chinese manufacturing, and the Illinois governor has waved away all questions about the new Chinese-owned battery company in the state.https:\/\/t.co\/96dLn4E9eM<\/a><\/p>\n

\u2014 Wall Street Journal Opinion (@WSJopinion) October 21, 2023<\/a><\/p>\n

The Wall Street Journal comments on\u00a0Chinese Companies and Your Tax Dollars<\/a><\/p>\n

It isn\u2019t easy luring corporations to Illinois these days, so Gov. J.B. Pritzker celebrated when the state landed a big electric-vehicle battery plant in September. The real winner, however, is Gotion, the Chinese company that is collecting taxpayer financing to subsidize its EV manufacturing.<\/p>\n

Mr. Pritzker boasted that the new $2 billion factory would bring 2,600 green jobs to the Land of Lincoln and represents \u201cthe most significant new manufacturing investment in Illinois in decades.\u201d The company\u2019s decision was helped by a $536 million Illinois subsidy package, including $213 million in tax benefits, a 30-year property tax freeze and $125 million from the state-lending program Invest in Illinois.<\/p>\n

In a Sept. 13 letter to Treasury Secretary\u00a0Janet Yellen, Reps.\u00a0Mike Gallagher\u00a0(R., Wis.) and\u00a0John Moolenaar\u00a0(R., Mich.) noted that Gotion \u201chas direct ties to the CCP [Chinese Community Party] and state-owned financial institutions\u201d and has been part of a Chinese program the FBI has flagged for \u201ctheft of trade secrets and economic espionage.\u201d<\/p>\n

That seems worth examining, but who will do it, if not Mr. Pritzker? The Committee on Foreign Investment in the United States (CFIUS) has said Gotion\u2019s projects don\u2019t fall under its jurisdiction.<\/p>\n

In January 2023, Virginia Gov.\u00a0Glenn Youngkin\u00a0turned away a Ford factory that was partnering with Chinese battery maker CAT<\/em>L, on the grounds that the company was a \u201cTrojan horse\u201d for Beijing. It set up in Michigan instead, but on Sept. 25, Ford said it paused the project until it was \u201cconfident about our ability to competitively operate the plant.\u201d<\/p>\n

Open for Business<\/strong><\/h2>\n

Mr. Pritzker called Gotion\u2019s arrival \u201cthe most recent proof that we are in a new paradigm. Illinois is on the rise, and we\u2019re open for business.\u201d<\/p>\n

Open to leave is more like it. Numerous corporations are voting with their feet due to Illinois\u2019 high-crime and high-tax reality.<\/p>\n

TTX Joins Major Chicago Leaving Chicago<\/strong><\/h2>\n

The Illinois Policy Institute reports\u00a0TTX Joins Major Chicago Leaving Chicago<\/a><\/p>\n

Freight railroad car company TTX is moving its headquarters from Chicago\u2019s West Loop to North Carolina.<\/p>\n

Last year major corporations such as Caterpillar, Citadel, Boeing and Tyson Foods announced relocations out of the Chicago area. Guggenheim Partners more quietly made moves to leave the city and join fellow investment firm Citadel in Miami.<\/p>\n

Hoot of the Day<\/strong><\/h2>\n

Illinois is paying over $206,000 per job created to a company the FBI has flagged for \u201ctheft of trade secrets and economic espionage.\u201d And Governor Pritzker is bragging about it.<\/p>\n

It\u2019s \u201cproof of a new paradigm,\u201d said Pritzker. Indeed.<\/p>\n

Chicago\u2019s Problem is Crime, the Mayor\u2019s Solution is City-Run Grocery Stores<\/strong><\/h2>\n

In case you missed it, please see\u00a0Chicago\u2019s Problem is Crime, the Mayor\u2019s Solution is City-Run Grocery Stores<\/a><\/p>\n

If you are a store owner in Chicago suffering huge losses to theft or if you are an individual tired of the crime and piss poor public schools, I have a suggestion: leave.<\/p>\n

But think about where your going. Leaving Chicago isn\u2019t enough. I advise leaving the state.<\/p>\n

Reserve your U-Haul well in advance. Recall that\u00a0It Takes 3 Weeks to Escape Illinois<\/a>, at least it did for us because all of the one-way U-Haul rentals were headed out.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 10\/23\/2023 – 19:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/political\/illinois-hands-out-536-million-tax-credits-2600-jobs-beneficiary-china<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Illinois Hands Out $536 Million In Tax Credits For 2,600 Jobs, Beneficiary Is China Authored by Mike Shedlock via MishTalk.com, Illinois is paying over $206,000…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1434487","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-61aT","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1434487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1434487"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1434487\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1434487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1434487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1434487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}