Fiscal mismanagement by Illinois politicians has resulted in mounting deficits that are hurting the state’s economy, leading to ever-higher taxes, and driving people and their income out of the state.
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.
Illinois ranks as the top pumpkin producer in the country, which isn’t much of a consolation given the state’s poor performance in almost every economic category.