With one proposal to pay off Illinois’ pension debt asking the typical homeowner to pay more than $1,900 in additional property taxes for the next 30 years, the stakes for pension reform have never been clearer.View Report
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.
Illinois’ 2011 income-tax hike caused out-migration that cost the state high-earning taxpayers. New IRS data show taxpayers who left had an average income of $77,000 per year, compared with taxpayers who entered Illinois, who had an average income of $57,000 per year.