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Data from the Internal Revenue Service shows an increased number
of wealthy people leaving Illinois in 2021.
Jonathan Williams, chief economist with the American Legislative
Exchange Council, said the formula to drive wealth away is
simple.
“High taxes, high regulation, stifling labor policies and
anything that makes it more difficult and expensive to start a
business or live in a state, obviously affects the migration of
people and wealth across state lines,” Williams told The Center
Square.
Gov. J.B. Pritzker shrugged off the fact last year that several
high-profile corporations abandoned the state.
“Countless companies are choosing Illinois as their home,” he
said.
Williams said the amount of money that left Illinois in 2021 is
staggering.
“In a typical year, Illinois would lose between $2 [billion],
and $6 [billion] or $8 billion, but this is nearly $11 billion
in annual wealth that Illinois has lost, more than the 49 other
states on net,” Williams said. “That is just a crushing blow to
the future prospects of Illinois turning it around
economically.”
At the other end of the spectrum, Florida gained $39 billion in
wealth coming to the Sunshine State.
During an appearance in Peoria Friday, Florida Gov. Ron DeSantis
called out Illinois Democrats and took a jab at Illinois for
losing residents to his state.
"We have no state income tax, you should try it sometime,"
DeSantis told the 1,200 on hand for his speech at the Peoria
Civic Center.
Kevin Bessler reports on statewide issues in
Illinois for the Center Square. He has over 30 years of
experience in radio news reporting throughout the Midwest.
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