Illinoisans Leaving To Other Lower-Taxed States Due To High Taxes
This ARTICLE On Illinoisans Leaving To Other Lower-Taxed States Due To High Taxes Was PUBLISHED On October 19th, 2019
Numbers and data from Census reveal Illinoisans Leaving To Other Lower-Taxed States.
- Media outlets have been reporting Illinoisans Leaving To Other Lower-Taxed States for the past few years
- Now the data is in to validate that Illinoisans Leaving To Other Lower-Taxed States
- The number one reason Illinoisans Leaving To Other Lower-Taxed States is due to high taxes
- Illinois has the second-highest property tax rate in the country
- New Jersey is the state with the highest property taxes
- Illinois comes in a close second
- Besides high property taxes, Illinois has the highest tax and cost of living than any other state in the U.S.
- The state has a $241 billion pension debt crisis
- Newly elected Governor J.B. Pritzker plans on changing Illinois flat-tax system to a progressive income tax plan
- Pritzker calls the progressive tax plan as the Fair Tax
- Progressive Income Taxes will penalize wealthy, high-income earners and benefit lower wage-earners
- The Pritzker’s Progressive Tax System will trigger wealthy Illinoisans to leave the state to other states with lower taxes and cost of living
In this article, we will cover and discuss Illinoisans Leaving To Other Lower-Taxed States due to high taxes.
Loss Of Illinois Taxpayers Per U.S. Census Data
There are states like Florida, Tennessee, Texas, and others that are thriving and raking in billions in revenue.
- Not only are these states raking in billions in revenue, but countless of large corporations, small businesses, and residents are flocking to these states
- The housing market is booming
- There is a major shortage of housing inventory and high demand for housing
- What is the trick?
- No state income taxes, low property taxes, low sales taxes, and incentives by the state for new businesses and taxpayers to move to their state
- Why is Illinois on the verge of bankruptcy?
- Poor government leadership, public corruption, increasing taxes and creating new taxes
- Illinois has four governors the Feds sent to prison
- Newly elected Governor J.B. Pritzker is under federal criminal investigation for property tax appeals fraud
Illinoisans were concerned with the loss of businesses and taxpayers for the past several years. Now this concern has validity with the data by the U.S. Census Bureau. Countless of Illinoisans are fleeing the state in droves to other states where property taxes and cost of living are lower.
U.S. Cities With Large Loss Of Population
The economy is booming nationwide.
- The unemployment numbers are at the lowest numbers in the past 50 years
- Mortgage rates are at historic lows
- Job numbers are hitting record highs month after month
- Inflation is under control
- Home prices are increasing with no signs of a housing market correction
- However, not everyone is enjoying the fruits of the economic boom
- There are many cities that are financially hurting
- A recent study by Business Insiders on a study of 20 major Midwest Cities under financial stress, nine cities were in Illinois
The article takes a look at U.S. Census information from 2010 to 2018 and breaks down the areas that are seeing the biggest losses of population in the Midwest. The top three financially strapped cities in the list were in Illinois.
Our viewers can click here to read the entire list.
Illinois Cities That Are Seeing An Exodus Of Taxpayers To Other States
Below is the list of Illinois cities on the list of the top 20 Midwest Cities with taxpayers leaving the state:
19. Springfield, Illinois, had a net population loss of 5,327 or 2.5% of the metro’s 2010 population of 210,170. 13. Bloomington, Illinois, had a net population loss of 5,169 or 2.8% of the metro’s 2010 population of 186,133. 12. Carbondale-Marion, Illinois, had a net population loss of 4,116 or 3.3% of the metro’s 2010 population of 126,575. 10. Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin, had a net population loss of 365,909 or 3.9% of the metro’s 2010 population of 9,461,105. 8. Kankakee, Illinois, had a net population loss of 5,386 or 4.7% of the metro’s 2010 population of 113,449. 6. Peoria, Illinois, had a net population loss of 18,737 or 4.9% of the metro’s 2010 population of 379,186. 3. Rockford, Illinois, had a net population loss of 20,375 or 5.8% of the metro’s 2010 population of 349,431. 2. Decatur, Illinois, had a net population loss of 7,220 or 6.5% of the metro’s 2010 population of 110,768. 1. Danville, Illinois, had a net population loss of 5,455 or 6.7% of the metro’s 2010 population of 81,625.
Main Reason Illinoisans Leaving To Other Lower-Taxed States
The number one reason for Illinoisans leaving to other lower-taxed states is due to increasing and new taxes. Illinois is a beautiful state. Chicago has the most beautiful downtown. Chicago is the home of countless immigrants and has the best of the best ethnic restaurants than any other city in the U.S. Home prices in Illinois are super reasonable. However, the property taxes are out of control. This is a developing story at Gustan Cho Associates Mortgage News. GCA Mortgage News will keep our viewers updated as more developments occur in the coming days and weeks.