Illinoisans Moving To Indiana To Escape High Taxes Of Illinois
This ARTICLE On Illinoisans Moving To Indiana To Escape High Taxes Of Illinois Was PUBLISHED On October 24th, 2019
Illinois is on the map but not in a good way.
- The state is under a financial mess. Property taxes throughout the state are going up due to a $241 billion pension debt shortage
- DuPage County, a suburb of Chicago, had home values drop 24% since the 2008 Great Recession while property taxes went up by 7% (these figures are adjusted for inflation)
- Kankakee Illinois missed its pension debt shortage deadline date to pay its retired police officers and firefighters
- Peoria Illinois created a separate property tax fund to cover the city’s pension shortage debt
- Newly elected Chicago Mayor Lori Lightfoot seems puzzled, confused, and lost in solving the City’s mounting debt
- Raising and creating new taxes is her only solution
- Yet, the Mayor does not seem how to fix the mounting debt where all of the tax increase in the world are not making a dent in reducing the city’s budget deficit
City, county, state government needs to be governed like a business. It is not how much you make but what you spend.
Illinois Budget Deficit And High Taxes
Former Mayor Rahm Emmanuel’s property tax increase of $7 billion to fix the pension debt did not make a dent.
- Newly elected Illinois Governor J.B. Pritzker is beyond lost and his solution in fixing the state’s financial crisis is raising taxes without any significant spending cuts
- Pritzker recently doubled Illinois gas tax
- He is increasing taxes across the board but yet recently approved pay raises for state lawmakers
- This infuriated most Illinoisans
- The Chicago Teachers Union started a strike for more money, fewer hours, and better working conditions
- The CTU is demanding more money and benefits on a city that is on the verge of bankruptcy
In this article, we will cover and discuss why Illinoisans Moving To Indiana.
Top Reasons For Illinoisans Moving To Indiana
One of the top reasons why Illinoisans Moving To Indiana is due to the high taxes in Illinois.
- There is not a week that goes by that Illinois Governor J.B. Pritzker does not make an announcement on another tax increase
- Illinois has the second-highest property tax rate in the nation
- What is worse is that property taxes keep on going up in Illinois
- This is due to the major pension debt the state has incurred over the years
- High property taxes mean lower home values
- Besides high property taxes, all other taxes are going up in Illinois
- Pritzker recently doubled the state’s gas tax
- The city of Chicago is the highest taxed U.S. city in the nation
- There is no tax cap in sign in Illinois
- Property taxes in Illinois are three times the property tax in Indiana for a similar home
Average Indiana property taxes are $1,546 versus Illinois’ $3,959. J.B. Pritzker is aggressively proposing changing Illinois flat-tax system to a progressive income tax. This proposal penalizes high-income wage earners. Illinois is setting the record in the U.S. of having residents flee the state due to high taxes and cost of living.
More House For The Money
A recent poll by U.S. News, Indiana ranked in third place in The Most Affordable Housing In The United States.
- The same poll ranked Indiana in the #2 position in Overall Home Affordability
- Due to substantial lower property taxes, homebuyers can get a lot more home for their money in Indiana
- Many Illinoisans who work in Chicago and/or its suburbs can easily purchase a home in northwest Indiana and make the commute to work
- Munster, Indiana is only 28 miles distance from Chicago
- Dyer, Indiana is only a 39-minute commute to Chicago
Illinois recently raised its state personal income tax rate to 4.95% and its corporate state income tax rate to 9.5%. Indiana has a much lower state income tax rate at 3.23% for both personal and businesses. This is creating a mass exodus of Illinoisans migrating to Indiana.
Low Cost Of Living Are Attracting New Taxpayers And Businesses
The cost of living in Illinois is skyrocketing due to the massive taxes the state is raising and creating. Indiana ranks as the fifth-best state with the lowest cost of living. Consumers will get more for their money when it comes to buying a home, car, merchandise, and other goods and services due to low taxes. There are more people and businesses leaving Illinois to Indiana than any other state in the country. A recent study by Forbes, Indiana ranked in the Top 10 Places To Do Business. The state has a AAA rating from Moody. The state of Indiana is raking in billions and attracting countless businesses and taxpayers when Illinois is on the brink of bankruptcy.