Saturday, December 02, 2017

New IRS data: Illinois sees record loss of people, income to other states

Illinois Policy Review reports:
llinois’ problem with wealth flight isn’t just persisting, it’s getting worse. That’s the takeaway from new data released by the Internal Revenue Service on Nov. 30. In terms of both people and income, the Land of Lincoln saw a record-breaking exodus in the 2015 tax year (2015-2016).

Illinois saw a net loss of nearly 42,000 tax returns to other states on the year, representing a net loss of more than 86,100 people (measured in exemptions), according to the IRS. That’s an all-time high.

And when people leave the state, they don’t just take their talent, drive and ingenuity. They take their wallets, too.

Illinois lost $4.75 billion in adjusted gross income, or AGI, on net to other states in tax year 2015. That’s also an all-time high. While residents saw $6.35 billion in adjusted gross income, or AGI, move into Illinois from other states, $11.10 billion moved out of Illinois to another state.
The struggle of Blue America.