While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.View Report
House Bill 4237 seeks to get around Congress’ limitation of a federal deduction that benefits high-tax states, but residents would be better served by efforts to directly reduce state and local taxes in Illinois.
Illinois’ failure to keep and attract residents is driving the Land of Lincoln’s population decline.
Illinois’ exodus of people and money is the state’s most pressing policy problem. Until lawmakers get serious about addressing its causes, there’s little reason to think the trend will change.
New data from the IRS show Illinois lost $720 million and 21,800 people on net to neighboring states from 2015-2016.
The Land of Lincoln is experiencing heavy losses of people and income to other states, new IRS data reveal. Illinois lost more than 86,000 people and $4.75 billion in adjusted gross income to other states from 2015-2016.
High-income earners provide the majority of Illinois’ income tax revenue, and IRS data show that Illinois is losing these taxpayers to out-migration.
The average income of taxpayers who leave Illinois is $20,000 more than the taxpayers who arrive here.
There are 170,000 fewer people working in Illinois since before the Great Recession.
In February 2017 Illinois surpassed its previous jobs peak from September 2000. However, long-term problems could potentially hamstring further jobs growth if left unaddressed.
IRS data show the average income of taxpayers leaving Illinois surpassed the average income of taxpayers entering the state by $20,000 in 2014, a record loss for Illinois in the wake of the 2011 income-tax hike.