One of President Obama's Favorite Companies is Ready to Bolt Illinois

President Obama 02/12/09:

"In many ways, you can measure America's bottom line by looking at Caterpillar's bottom line," Obama said.

Caterpillar's bottom line is saying high Illinois taxes are killing them and they are considering moving to another state.

SPRINGFIELD — 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.”