The latest data from the IRS shows that taxpayers who moved from one state to another between 2019 and 2020 resulted in a significant loss of people and income for Illinois, as well as New York and California.
Illinois Governor JB Pritzker is facing concerns about an exodus of people and their wealth from the state
Ted Dabrowski, President of Wirepoints.org, shared this information in a recent interview. The report indicates that Illinois has the second-highest rate of outmigration in the country, losing over 79,000 people and $4.9 billion in adjusted gross income in 2020. This marks the seventh consecutive year of population decline in the state. The main reasons for this exodus are reportedly high taxes, lack of job opportunities, and a deteriorating quality of life.
Governor Pritzker has been working to address these issues by implementing a progressive income tax system and investing in infrastructure and education
However, critics argue that these measures have not been sufficient to retain residents and businesses in the state. As the state continues to face a significant loss of population and wealth, Gov. Pritzker and his team will need to consider additional strategies to reverse this trend and encourage growth and development.
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