Still leaving Illinois: An exodus of people and money
When are governments/politicians going to understand that lower taxes and getting life-value for money are what drive people to do well in life? Illinois is losing people at a rate of one person every 10 minutes, and since 1995, Illinois has lost out on at least $26 billion in earnings due to tax paying people leaving the state. Not only do these Democrat libtards not get it now, I can guarantee you they still won’t get it when more and more corporations and small businesses also leave that state. Caterpillar Inc has recently announced that they will not be building their North America plant in Illinois – instead, they’ll be moving it to Peoria, N.C. Why? Caterpillar states that concerns about the business climate and overall fiscal health of Illinois prevented them from selecting the state for the new plant. Below is a report as to why people are leaving Illinois in droves and no surprise is that government poor public policies are the main cause. And this is the state where Obama hails from. Just saying…..
Illinois residents are fleeing the state. When people leave, they take their purchasing power, entrepreneurial activity and taxable income with them. For more than 15 years, residents have left Illinois at a rate of one person every 10 minutes.
Why are so many people leaving Illinois? Because the state’s poor public policies are forcing them out. Public policies drastically influence quality of life. On average, Illinois residents are leaving for states where they can have a higher standard of living.
The IRS data shows that Illinois residents are migrating to states where, on average, taxes are lower. Estate taxes in particular averaged 73 percent lower in the states to which former Illinoisans moved. Also, housing prices and union membership were lower. Finally, residents moved to states with lower population density and better climates.
Illinois policymakers must change the failed policies that have prompted so many people to leave Illinois. The state needs to lower taxes so that it can compete with its neighbors as well as states around the country.
In addition, the state must end its culture of spending and borrowing, which ultimately drive up taxes and chase away residents. Only through fiscal discipline can the state avoid a crisis and set the tone for a wave of in-migration.
Why this works
State-to-state migration is the ultimate expression of “voting with your feet.” After tallying the vote, Illinois is losing.
An influx of residents to Illinois could bring increased taxable income to a state in fiscal crisis, increased entrepreneurial activity to a state experiencing an employment crisis, and increased purchasing power to a state in economic crisis.
Implementing positive policy changes could make Illinois a great state people that seek out as a place to pursue the American Dream. With more competitive public policies, Illinois could once again become a magnet for people.
Download the full report here