(KFTK) – Research Anaylst Bryce Hill discussed the outmigration of Illinois.
Many folks are leaving the state and taking their earning potential with them.
An analysis done by Illinois Policy showed that the land of Lincoln missed out on $32 billion in gross income.
“Clearly the answer to fixing our growth problem is not going to be a progressive income tax,” Hill said.
Here is some information from Illinois Policy:• A cumulative loss of $32 billion in income to other states during the decade is the second-largest loss of any state in the nation in both raw dollar terms, after New York, and on a percentage basis, after Alaska.• Since 2010, Illinois has not seen a single year in which the state gained AGI on net from other states.• Illinois showed a net loss of $6.9 billion in AGI to other states in tax year 2017 and $5.6 billion in AGI to other states in tax year 2018, the worst losses of wealth on record.• The largest age group leaving the state in tax year 2018 were those of prime working age, with 58% of those leaving aged 26-54. Those who moved were also higher-skilled workers choosing markets with more job opportunities.• Those who left Illinois made on average $18,000 more than those who moved into the state.• In tax year 2018, Illinois lost residents to 43 states on net. Illinois only gained a combined 191 residents from the remaining six states: Vermont, New York, Louisiana, Pennsylvania, Connecticut and New Jersey.• While Illinois is losing income at all brackets, those who earn $200,000 or more are leaving twice as fast as average-income residents. The only state to see a higher share of residents making more than $200,000 leave in tax year 2018 was New York.
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