The danger of the ‘fair tax’ passing would mean seniors leaving Illinois and moving elsewhere

The state does not tax for retirement income currently, but that could change if the ‘fair tax’ passes.

The Annie Frey Show
October 16, 2020 - 3:46 pm

Illinois Policy found that if this tax passes, more than 10 thousand seniors could leave the state to avoid being taxed.

Senior director of budget and tax research Adam Schuster explained how detrimental this could be for the state and for its residents.

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The last state to enact the progressive income tax was Connecticut and if Illinois follows their trajectory, the state could witness a huge outmigration, primarily by retirees.

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