New IRS data show heavy drain of residents and income from Cook County. Cook County said goodbye to nearly 10,000 more taxpayers than it welcomed in tax year 2011.

Illinois Policy Institute reports:

As Chicago seeks to plug a gaping hole in its city budget, city leaders should also focus on the gaping hole in Cook County’s tax base.

Taxpayer exodus in a single 12-month period – tax year 2011 – will cost the city more than $9 billion in taxable income over the next decade, according to a July 31 migration data release from the Internal Revenue Service.

In that period alone – the first year of Illinois’ historic 67 percent income-tax hike – Cook County lost 9,600 taxpayers and 18,000 dependents on net, which means the county lost nearly 28,000 more people than it gained. These taxpayers took their earnings with them to the tune of more than $900 million in adjusted gross income for the year.

The struggles of Blue America.