Without property and income tax relief, housing in Illinois will continue to be less attractive, Illinois’ population is likely to continue its decline and housing price appreciation can be expected to continue to lag the rest of the nation.View Report
Amid two record-breaking income tax hikes, growing property tax bills and population decline, the Land of Lincoln’s income growth is trailing the rest of the nation.
More than three-quarters Illinois communities lost population over the year, and nearly all of the state’s major metro areas are lagging the nation on key economic indicators.
If current population trends hold, Rock Island, Illinois, will take a back seat to Bettendorf, Iowa, within five years.
State spending grew 25 percent faster than Illinoisans' personal income from 2005-2015.
Illinoisans saw more than 30 percent of their income go to income taxes and property taxes from March 2015 to March 2016 – a higher share than residents of every bordering state.
Illinois’ 32 percent income tax hike will steal nearly an entire year’s worth of income growth from Illinoisans.
Illinois is tied for the worst income growth in the entire U.S.
Illinois’ total state economic activity has increased by only 4 percent since 2007, which is lower than the U.S.’ 10 percent GDP growth during the worst decade of the Great Depression.
Lawmakers’ proposed new and higher taxes would only make things harder for struggling Illinoisans.
Despite Illinois’ built-in economic advantages, personal income in Indiana is growing much faster than personal income in Illinois.