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.
New data from the Bureau of Labor Statistics show Illinois’ professional and business services sector has fared better than the state’s manufacturing industry, which recorded 800 job losses in September.
Gov. Bruce Rauner has ordered executive agencies to review all their regulations for necessity, clarity and statutory authority and to mark for repeal or revision rules that don’t meet those criteria.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.