Mark Glennon was on the Roe Conn Show talking about the mass annual exodus of people and their wealth from Illinois. The state’s growing pension crisis, constant political corruption and the crushing impact of property taxes have driven over a million people out of the state since 2000.
Some highlights from the interview:
“Wealthier people who are leaving take a vastly disproportionate share of the lost taxable income with them. $200K and above filers only comprised 11 percent of the (net) people that left the state, but they took 55 percent of all the income that was lost with them.”
“2018 was not a quirky year… when you add up all the years (of losses) it comes to $400 billion in lost income (since 2000) that’s all being drained out of the state.”
“People are leaving not just due to taxes. Taxes are part of a package. People don’t think their money is being wisely spent, and they see no end to it…Combine that with corruption and other governance problems, and they say ‘why should I stick around here?'”
“The financial crisis is particularly concentrated in Chicago. When you add up all these debts and unfunded liabilities, it comes out to $144,000 per household if you’re in Chicago. And if you think about it, most residents can’t be asked to pay that.”
“Effective property tax rates are well over three percent in some cases, and that’s a death spiral. You get no improvements, you get people leaving, you get a shrinking tax base.”
“The remedy has to match the malady, which means a vast and drastic set of reforms, including a constitutional amendment for pensions.”
Read more about Illinois’ out-migration crisis:
- If the wealthy flee, ordinary Illinoisans will be left holding the progressive tax bag
- Yes, the rich are fleeing Illinois and they’re taking billions with them
- New IRS data reveals winners and losers of wealth migration across 50 states
- IRS data release: Record losses of taxable income and taxpayers for Illinois
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
The only solution is a U HAUL.
Get out while you can.
Wow I’m surprised a left wing station like WGN even wants to mention this subject!
Roe Conn is a commendably independent person. Left on some things and right on others.
I’m glad Mark mentioned the debt per household. That’s the number that should get the formerly uninformed to wake up and take notice. Then again, it all seems so pointless. Illinois will continue on the path it’s chosen …. to self destruct.
What bothers me most is that the Illinois Political industry business model is enabling them to stripmine all asset value of this State.
After title is transferred to ‘ Ministers’ of the State, those conditions which engendered the implosion of real property values may then be altered by the new Ministerial property owners.
See McHenry County board chairman bank ownerships for case study, anecdotal evidence of “conspiracy theories”.