As we’ve said for a few years now to residents of California, New York, and Illinois, get out while you still can. The bad times are only beginning fiscally. The state pension obligations are going to put a huge crush on everyone in those states. If you’ve got stuff in those states that can be taxed, it will be. The state employees lived relatively large, and expect to live larger in retirement. And you are going to foot the bill. If, you don’t get out of Dodge. (Or Chicago.)
Consider that some taxpayers are already trapped because the the state and local taxes make it almost impossible to sell their homes. This is not a joke. This is happening.
The cronies in these states have extracted all they can from taxpayers and now things are going to get ugly. (Uglier.)
(From The Chicago Tribune)
“I’m getting out,” said Mallin, 67. “It’s not just the property taxes on my home; it’s all of them.” He figures his taxes in Florida, where there is no personal income tax, will be about a quarter of what he’s paying now.
Mallin’s not the only one leaving the state. In 2016, Illinois lost 37,508 people, putting the state’s population at its lowest level in nearly a decade, according to U.S. census data. It was the third consecutive year the state lost more residents than any other state. The state’s population count for 2017 won’t be released until December.
Some of those who are leaving Illinois say they’re frustrated with their tax burden and the state’s financial situation. After going more than two years without a budget, Illinois lawmakers passed a spending plan over the summer, one that involved a 32 percent income tax hike for residents. The state is still digging itself out of the financial disarray that accumulated during the budget impasse. A Forbes listing of the best and worst states for taxes in 2016, before the tax hike, ranked Illinois 46th, signifying a heavier tax burden.