Tax Hike-Inspired Exodus Begins

Some McHenry County folks figured out what was happening ahead of time and moved their legal residence to Florida, where there is no income tax.

Senate President John Cullerton arguing for his 67% income tax hike legislation.

Another friend of mine is driving down to the Sunny State’s Gulf Coast this week looking for a home to which to transfer their residency.

And tax liability.

Their reason isn’t the 67% income tax hike, although that certainly doesn’t help dissuade them from taking action to keep the Democratic Party tax collectors at bay.

It’s the huge increase in the inheritance tax.

This small businessman figures it will be 55% on his estate, quite a bit more than he will pay in Florida.

So, Illinois gets to lose his 5% income tax every year, starting this year, and, when he dies, all of his inheritance tax.

I wonder if Springfield Democrats considered this unintended consequence of the passage of Senate Bill 2505.


Comments

Tax Hike-Inspired Exodus Begins — 2 Comments

  1. Estate taxes are a problem for hard working people who want to just pass on the farm or business to the
    next generation.

    Repeal these at the Federal and State level—-
    stop making owners wrangle up LLCs and partnerships to pass on assets.

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