On November 30 the Internal Revenue Service released new data on the deterioration in Illinois’ tax base. So far, Illinois Policy is the only source I’ve seen that has reported it. You’d think this is newsworthy:
Illinois saw a net loss of nearly 42,000 tax returns to other states on the year, representing a net loss of more than 86,100 people (measured in exemptions), according to the IRS. That’s an all-time high.
And when people leave the state, they don’t just take their talent, drive and ingenuity. They take their wallets, too.
Illinois lost $4.75 billion in adjusted gross income, or AGI, on net to other states in tax year 2015. That’s also an all-time high. While residents saw $6.35 billion in adjusted gross income, or AGI, move into Illinois from other states, $11.10 billion moved out of Illinois to another state.
It’s not retired snowbirds who are driving the flight from Illinois. Analysis of IRS data for previous years shows how millennials are in fact leading the Illinois exodus. Further, the most recent IRS data show Illinois lost income and people on net to every neighboring state. It’s not just the weather.
-Mark Glennon is founder and Executive Editor of Wirepoints. Opinions expressed are his own.