Illinois had a $10 billion budget gap in 2017. Governor Bruce Rauner announced plans to flee the state at year’s end, taking his wife with him. A mass exodus is expected as more and more people decide Illinois isn’t worth staying for anymore.
The “list of companies leaving illinois 2020” is a list of companies that are planning to leave Illinois. The list includes names like Nike, Amazon, and Apple.
On Sept. 5, people visit the Cloud Gate sculpture at Millennium Park in Chicago.
Photo credit: Reuters/Hannah Beier
In this year’s reapportionment, Illinois lost one House seat, which Democrats blame on snowbirds heading south. However, according to a recent study by the University of Illinois Extension, swarms of young people are departing for better tax and economic conditions.
The Land of Lincoln, along with West Virginia and Mississippi, is one of just three states that has lost population since 2010. However, as the Baby Boomer generation has aged, the city’s population over 55 has increased. Illinois’ median age has risen to 38.8 from 36.6 in the recent decade, making it one of the states with the fastest aging populations. The median age in Florida has risen two years to 42.7.
Florida is gaining young people while Illinois is losing them. “The U.S. population actually rose in the prime working age, young adult age cohorts, 25 to 29, 30 to 34, and 35 to 39 year olds,” says state development expert Zach Kennedy. Illinois was one of the few states where these age groups were declining.
One factor is that many kids who go to college out of state do not return. This is referred to as “brain drain” by experts. Mr. Kennedy claims that “only New Jersey lost more college-aged people out of state who never returned.” Hmmm. What are the similarities between the two?
For one thing, there are high taxes. In 2019, Illinois’ effective residential property tax rate (1.97%) was second only to New Jersey’s (1.98%). (2.13 percent ). Illinois has a low flat income tax of 4.95 percent, but its corporation tax rate of 9.5 percent is among the highest in the nation. Job growth has been stifled by high company taxes, and young people are following their companies out of the state.
Children are also being lost by the state. Over the past decade, the number of people under the age of 18 has decreased by 350,000. Poor education may be pushing young families away. Young people leaving the country are setting off a demographic and budgetary time bomb similar to the one that bankrupted Puerto Rico.
Retirement income, such as 401(k)s and state pensions, is not taxed in Illinois. This tax break may entice some retirees to stay. However, as the number of prime-age workers and children dwindles, a smaller tax base will be required to fund rising retirement costs. Those who stay will be forced to pay ever-increasing taxes.
According to a survey released this month by the research firm Wirepoints, the typical Illinois family owes $110,000 in government-worker retirement debt, up from $90,000 in 2019. The cost of the state’s pension obligation alone is $64,200 per family, which is four times the national average and second only to Connecticut ($65,400) in terms of wealth. In Iowa and Wisconsin, the per-household pension obligations were $3,500 and $3,200, respectively. Both states have seen an increase in the number of young people.
People in Illinois are escaping the economic and budgetary repercussions of public-worker unions running state and municipal government.
As voters in Virginia, New York City, Buffalo, New Jersey, and Minneapolis strike back against leftwing overreach, ineptitude, and bigotry, Wonder Land has gone from progressive ideal to democratic nightmare. Images courtesy of Getty Images Mark Kelly’s composite
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The print version of the December 14, 2021, was published.
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People are leaving Illinois because of the high taxes, lack of jobs, and poor economy. Reference: why are people leaving illinois.
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