Illinois Losing Millions Due to Migration

Lawndale News Chicago's Bilingual Newspaper - Business

Lawndale News Chicago's Bilingual Newspaper - Business

Illinois is losing billions each year as residents leave and take their earning potential with them. Original analysis by the nonpartisan Illinois Policy Institute found that the state lost out on up to $32 billion in adjusted gross income, or AGI, since 2010 from residents moving to other states. That’s roughly $12.4 million per day. Using new data released by the Internal Revenue Service for tax years 2017-2018, the Institute found that while residents leaving the state come from all income brackets, Illinois is losing more than twice as many wealthy residents as it is attracting.  These findings come as Illinois voters will decide Nov. 3, 2020, whether to scrap Illinois’ constitutionally protected flat income tax for a progressive income tax. Gov. J.B. Pritzker has promised the $3.4 billion tax hike will fund programs, services and new spending. To read the full analysis, visit Illin.is/IRS2018.

Comments are closed.