This was touched on in another thread.
https://www.illinoispolicy.org/3-proposa...-illinois/
There are a number of states that are facing similar issues so it is relevant to other places as well.
Now that state taxes are only deductible up to $10k, state tax bills for high earners effectively took a 35% hike.
Highly taxes blue states could be in trouble due to high earners leaving to lower tax states such as TX, FL, etc.
Illinois is facing financial insolvency if it doesn’t get its act together. Years of overspending, borrowing and taxing have left it with gaping budget holes, eye watering pension liabilities and a shrinking population.
Now, IL is almost certain to have a New Democratic governor and all the candidates are pushing for progressive income tax rates.
IL residents are already some of the most taxed in the country.
One of biggest issues is a shrinking tax base. 600k residents have left since 2010.
Those emigrating from the state have been found to be well above average income earners. One study found the average salary of those leaving the state was $80k.
In 2015 alone, IL lost 3,000 millionaires.
This move - especially combined with the recent federal tax reform - could be absolutely catastrophic.
Any thoughts on this? Your home states finances? Etc. etc.
https://www.illinoispolicy.org/3-proposa...-illinois/
There are a number of states that are facing similar issues so it is relevant to other places as well.
Now that state taxes are only deductible up to $10k, state tax bills for high earners effectively took a 35% hike.
Highly taxes blue states could be in trouble due to high earners leaving to lower tax states such as TX, FL, etc.
Illinois is facing financial insolvency if it doesn’t get its act together. Years of overspending, borrowing and taxing have left it with gaping budget holes, eye watering pension liabilities and a shrinking population.
Now, IL is almost certain to have a New Democratic governor and all the candidates are pushing for progressive income tax rates.
IL residents are already some of the most taxed in the country.
One of biggest issues is a shrinking tax base. 600k residents have left since 2010.
Those emigrating from the state have been found to be well above average income earners. One study found the average salary of those leaving the state was $80k.
In 2015 alone, IL lost 3,000 millionaires.
This move - especially combined with the recent federal tax reform - could be absolutely catastrophic.
Any thoughts on this? Your home states finances? Etc. etc.