With high taxes and low economic freedom, the Illinois crisis continues. The state looks to continue its downward trend. In fact, the state itself is shrinking.
According to the Fraser Institute’s recent Economic Freedom of North America report, released in partnership with the Illinois Policy Institute, Illinois ranks toward the bottom.
This report ranks states based on an index of 10 variables related to government spending, taxes and labor market freedom. Only 12 states were ranked lower. Unsurprisingly, high-tax states like California and New York ranked at the bottom of the economic freedom list.
What’s Going On?
Illinois is shrinking! That’s not an economic term. Literally, the population is shrinking. Millennials in particular are leaving Illinois in search of a state with a better cost of living burden.
Illinois is a high-tax state, and is considering more taxes at the moment. Their property taxes are also among the highest in the nation. In fact, in some cases, residents are paying more in property taxes than on their mortgage.
Illinois shows no sign of slowing their spend and tax plan. This is why many residents are leaving in search of a better deal. That’s where City vs City can help!
City vs City is a powerful cost of living app that calculates the real living cost in your city. Then, we compare those costs to another city of your choosing. Our app shows you a side by side comparison to see how your city stacks up!
If you’re looking to flee the Illinois crisis, find out where your cost of living will improve! Download the City vs City app today!