Wealthy Illinoisans Fleeing State To Lower Taxed States

This ARTICLE Is About Wealthy Illinoisans Fleeing State To Lower Taxed States Wealthy Illinoisans Fleeing State To Lower Taxed States than any other states in the nation:

High Illinois taxes are forcing Wealthy Illinoisans Fleeing State To Lower Taxed States than any other state in the nation
Illinois Governor J.B. Pritzker’s proposed progressive tax is adding fuel to fire on Illinoisans fleeing the state
This holds true for wealthy Illinoisans
Recent data reveal Illinois lost over $32 billion in income from taxpayers fleeing the state since 2010
Illinois Governor J.B. Pritzker’s graduated income tax plan along with all of his tax increases is backfiring
What good is it if you increase all the tax in the world if you are losing taxpayers
Data released by the U.S. Census Bureau show that Illinois leads the nation as having the highest number of residents fleeing the state
The main and number one reason for the exodus of Illinoisans is high taxes
When taxpayers leave a state, they are also taking billions of dollars with them
Many states Illinoisans are fleeing to are states with no state income taxes or substantially lower taxes like Florida, Tennessee, Nevada, Indiana, Georgia, Alabama, Mississippi, and countless other lower-taxed states

Wealthy Illinoisans Fleeing State To Lower Taxed States and the financial crisis Illinois is in.

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Wealthy Illinoisans Fleeing State To Lower Taxed States Due To High Taxes

The economy is booming. Most states are thriving due to the economy.

Many Republican states are thriving due to politicians lowering taxes to entice new residents and taxpayers to their state
However, Illinois is on the verge of bankruptcy
Illinois Governor J.B. Pritzker and the democratic politicians seem the only solution they have is to raise taxes to cover their budget shortfalls
However, raising taxes and creating new taxes are backfiring

While the economy is booming throughout the country, Illinois is hurting and cannot meet many of its debt obligations. This holds especially true with the pension debts.

Residents That Are Migrating To Illinois

The number of taxpayers fleeing Illinois is double that of residents moving to the state. Massimo Ressa of Gustan Cho Associates said the following:

Illinois gained residents on the net from Vermont, New York, Louisiana, Pennsylvania, Connecticut, and New Jersey, but the gain was only 191 income tax returns. When Illinoisans leave the state, they don’t go empty-handed. They take with them jobs, opportunities, financial assets, and talent that would otherwise have remained in Illinois. In 2018, while Illinois gained $6.6 billion from other states, $12.2 billion moved from Illinois to other states. 2018’s net loss of up to $5.6 billion in adjusted gross income, or AGI, is improved from the record loss of up to $6.9 billion in 2017, but greater than the loss in any other year on record.

How To Avoid Wealthy Illinoisans Fleeing State To Lower Taxed States

In a way, Illinois is in a state of emergency. Illinois politicians are in an emergency mode. Politicians are turning to J.B. Pritzker for guidance. However, the Illinois governor seems totally lost and clueless. His only solution seems to increase and create new taxes. Never in history has any U.S. governor become so unpopular in such a short period since taking office than Governor J.B. Pritzker.

Rescuing Illinois Through Competent Leaders And Politicians

Many successful business leaders agree that the government needs to be run like a business. It is not how much you make but rather what you spend. Many politicians elected to office have no business experience. They know how to talk and have people vote for them. However, many politicians are headstrong and think they know everything, and are not willing to listen to reason. Illinois had a declining economy for decades. Many politicians have served for decades. Why is Florida raking in billions in revenues when Illinois cannot fix its pension debt crisis? Why is Indiana operating at a surplus and Illinois is on the verge of financial collapse? Illinois has the second-highest property tax rate in the nation next to New Jersey. Countless taxpayers and businesses are making a mass exodus. The only solution the state has is increasing taxes at all levels, especially property taxes. Illinois just legalized marijuana on January 1st, 2020 to generate more revenues. However, taxes from drug sales will not make a dent in the revenue shortage. Illinois politicians need to decrease taxes instead of increasing them to attract new residents and businesses. Politicians need to follow the ideology of profitable states like Indiana, Florida, Texas, and countless other states. Incompetent politicians need to be replaced by experienced competent leaders. It is not what you take in but rather what you spend. Without quick drastic changes, Illinois is headed towards disaster.

Illinois Tax Burden Is Getting Worse With No Light At The End Of The Tunnel

The U.S. economy is on fire.

The unemployment numbers have been the lowest in 50 years
The Dow Jones Industrial Average is setting historical highs every week
There are more job positions than workers available
Many states like Florida, >Kentucky, Indiana, Wisconsin, Mississippi, Alabama, Georgia, Texas are raking in billions and attracting new businesses and taxpayers
However, Illinois is hurting financially that many businesses and taxpayers are leaving Illinois
Illinois pension debt exceeds $241 billion with no signs of a fix
Pritzker keeps on increasing taxes and creating new taxes is forcing Illinoisans to flee the state
Many government workers who retire from Illinois government jobs flee the state with their big pensions hurting the economy of Illinois even more

High property taxes, state income taxes, sales taxes and high cost of living in Illinois are forcing businesses and individual taxpayers to leave Illinois.

The Exodus Of Illinoisans

Illinois will never come to grips with their finances without pension reform.

The pension debt in Illinois is beyond fixing
All the tax increases in the world would not fix the pension debt
Peoria Illinois creates a new property tax fee fund to cover the police and fire pension shortage
Kankakee Illinois pension debt deadline is missed by the city
Police and fire departments cannot hire any new police officers and/or firefighters because they need to keep up with paying retired employees
It is like a Ponzi scheme
Over 70% of pension recipients are leaving Illinois to other lower-taxed states
Many pension recipients are furious their pensions are being taxed in Illinois
Illinois created a law where pension recipients will get taxed if they leave the state
Illinois is losing businesses and individual taxpayers by the thousands
Over 65% of Illinoisans thought about leaving Illinois in a recent survey
This figure was an increase from 58% of Illinoisans who thought of leaving Illinois on a survey taken in 2017

The Pritzker Administration and state lawmakers need to think twice about raising taxes and implementing new taxes. Taxpayers should compare tax rates by state. Data suggests that Illinois ranks as one of the highest taxed states in the U.S. High property taxes and sales taxes are the two drivers forcing taxpayers leaving Illinois. Many Illinoisans who live on the border of another low taxed state like Indiana, cross the border to purchase cigarettes, alcohol, and fuel.

Illinois Housing Market

The Illinois Housing Market is good for homebuyers but not good for home sellers. Home values in Illinois have not appreciated like other lower-taxed states. In general, home values are lower in higher taxed states like Illinois. For example, DuPage County Home Values dropped 24% while taxes went up 7% since the 2008 Great Recession. This can be a great buying opportunity for home buyers. DuPage County is a great suburb of Chicago with attractive homes and neighborhoods. Unfortunately, many DuPage County area homeowners feel like they got cheated out of equity in their homes due to the state’s financial crisis.