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HomeIllinois NewsWall Street Journal scorches Illinois' dismal finances

Wall Street Journal scorches Illinois’ dismal finances

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NEW YORK – The fiscal guide Wall Street Journal posted a scathing editorial "Illinois drives people away" Tuesday about Illinois and its loss of revenue and population in the past ten years:

If Republicans succeed in limiting the state-and-local tax deduction, one hope is that this could finally inspire a come-to-Jesus moment in prodigal high-tax states. Democrats in Illinois ought to be especially chastened by new IRS data showing an acceleration of out-migration.

BREAKING: State Rep. Jeanne Ives, GOP gubernatorial primary candidate, released a response to this piece Wednesday afternoon HERE.

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.

The editorial concludes: 

Illinois taxpayers have seen the warnings on the wall, which became even more stark after the Democratic legislature this summer overrode GOP Gov. Bruce Rauner’s tax hike veto. Democrats in Springfield and Chicago think they can defeat Mr. Rauner next year and raise taxes again, but they may succeed mainly in driving more people out of state.

 

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