Jannelle Fritts of the Tax Foundation worked on the report and said Illinois could have been ranked even lower than 36th if not for one tax. "Illinois is not ranked in an enviable position, but in all reality, their income tax, which is a flat rate and a relatively low rate even though it is higher than some of its neighbors, is really keeping their score up."
If Illinois ever starts taxing retirement income, that’s when the mass exodus will truly begin. I’m sure it was JB’s plan to go after wealthy retirees if his progressive tax had passed. Individuals with large pensions, significant 401K distributions and social security income don’t have to move to a tax free state to shield their income….yet.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
If Illinois ever starts taxing retirement income, that’s when the mass exodus will truly begin. I’m sure it was JB’s plan to go after wealthy retirees if his progressive tax had passed. Individuals with large pensions, significant 401K distributions and social security income don’t have to move to a tax free state to shield their income….yet.