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Illinois Drives People Away

• bob_theslob646 9y ago
  Paywalled, but similar gist to things written about it in the past. >The Prairie State lost a record $4.75 billion in adjusted gross income to other states in the 2015 tax year, according to recently IRS data released. That’s up from $3.4 billion in the prior year. Many of the migrants were retirees who often flock to balmier climes. But millennials accounted for more than a third of the net outflow in tax returns. What is happening? Due to the state being broke, it turns out that this does not make it that attractive for most people to want to live their for 1) fear of rising taxes and 2) economic opportunities >This helps explain why Illinois’s economy has been stagnant, growing a meager 0.9% on an inflation-adjusted annual basis since 2012—the slowest in the Great Lakes and half as fast as the U.S. overall. This year nearly 100,000 individuals have left the Illinois labor force. The University of Illinois Flash Economic Index, which measures corporate earnings and investment as well as personal income, hit a five-year low in October.