Tax exodus is draining Illinois

I'm readying the move to join the nearly 100,000 others who have already moved to Florida in 2014 alone.

I reside in Lake County, Illinois, in the bedroom community of Lake Villa. Our property taxes are among the highest in the nation at 4 percent of our property value, 67 percent of the bill going to pay for local schools. In addition, we have a 3.5 percent income tax.

These two taxes make Illinois the most favored state for moving truck lines. Unfortunately it is a one-way trip for these moving companies, because no one is coming back and the truck goes empty on the return trip.

When we sell our home and move to Florida, we will save the difference between the two states that, with mortgage rates where they are, will provide enough money to pay for the Florida home almost entirely.

Unfortunately, this came as no surprise to those who've gone before me on this escape from onerous taxation. Illinois, you've got to get competitive before it's too late - and many are already writing that this is the case.

The Illinois Policy Institute reports a loss of tax revenue from this exodus that is astoundingly large. Between 2000 and 2010, Illinois lost over $90 billion in taxable income out of our state's treasury, and it's only getting worse as 2014 added $20 billion alone.

Until we stop writing checks no government can afford to cash, it's endgame for the blue state of Illinois. Gov. Rauner has his work cut out for him. It's going to get rough for those who remain.

Peter Brunk

Lake Villa