Alex Carlucci The Mortgage Expert,
Publish On: March 7, 2021
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.
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.
Types Of Illinoisans Leaving The State
The top Illinois income-earners are the residents leaving the state the fastest.
Look at the chart below:
Look at the chart below:
Enormous Number Of Illinois Exodus Of Taxpayers And Businesses
See the chart below:
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.
Look at the chart below:
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.
