Good and bad of Illinois taxes
Congratulations on a great article regarding loss of residents in Illinois. The depth of the article was stunning. Here are some of the highlights:
When you take the people that have come to Illinois away from the people that left Illinois, the number is only 43,101 that have left in 2016. A very small number.
The records show that 55 percent of departees were under 35 and more than 60 percent reported incomes with modest earnings. Higher earners have come in and lower earners have left - exactly the opposite of what GOP leaders claim. Taxes do not play a role in people leaving.
Of the 5 top states that people left for, three (California, Indiana and Wisconsin) have higher taxes than Illinois. Democratics raised taxes in 2011, rolled taxes back in 2015 to 3.75 percent before raising them to 4.95 percent, still way below neighboring states.
Illinois does not tax retirement income (one of only five states) nor do we pay state taxes on personal property.
The problem that we have is with pension funding caused by Republican and Democratic governors since the '70s not properly funding the pensions. Now we have the new governor's budget calling for another "tax holiday." Not good.
Like with all of the problems we have, you need to understand what the real issues are and not just the talking points of the various parties. Thanks to the DH for helping us better understand all of this.
Jack Halpin
Arlington Heights