One factor pushing many of them to leave? The push to replace Illinois' current flat-rate income tax with a graduated-rate tax, where higher earners would pay more.
Commentary: It's not a 'fair tax' unless we tackle ethics reform and efficiencies first The change requires an amendment to the Illinois Constitution and that amendment is on the November ballot.
Property taxes are the costliest, most painful tax burden people in Illinois face.
Despite rhetoric from the governor that a progressive income tax will provide property tax relief, Pritzker has signed no legislation to make this a reality.
A quick rundown: Illinoisans' real property tax burden - property taxes as a share of income - jumped nearly 38% to 2015 from 2008.
As Illinois property taxes increase and the progressive income tax looms as a real possibility, inventory will increase, thereby decreasing property values.
From listening to my clients, I know that if we make it easier to hike income taxes, for all income levels, our residents will simply move away and take their tax revenue with them.
Tuesday, September 1, 2020
My real estate clients are fleeing Illinois’ climbing taxes
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