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IRS Data Show Continuing Illinois Wealth Flight

IRS Data Show Continuing Illinois Wealth Flight
Photo Credit: Never Enough Mao by Augapfel is licensed under Flickr CC BY 2.0
llinois is losing higher-earning residents to out-migration, and the state’s problem with wealth flight is persisting, according to data from the IRS.  Unfortunately, research suggests the most recent state income tax hike will only worsen this trend.

Illinois’ high tax burden raises the benefits to be gained from moving relative to staying, resulting in an exodus of families toward states with lower tax rates and more economic opportunity.

Illinois’ outflow of high earners poses an existential threat to the state’s economic future, as well as state and local government coffers.  Policymakers interested in addressing this problem would be wise to look to the fastest-growing states for pro-growth policy reforms such as reducing the tax burden.

 

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