By Gary Lucido, today at 7:07 am
This is really not a new insight but an article in this week’s Crain’s about Illinois’ estate tax really got me to thinking about some of the reason’s to move out of Illinois and there are 4 of them that immediately come to mind: taxes, taxes, taxes, and taxes. Illinois politicians love taxes. Hence the Illinoyed campaign launched by Indiana.
In the case of Illinois’ estate tax it is relatively new, having been enacted on January 1 of this year. It taxes estates above $2 MM at rates that range from 6.4% – 16% and it applies to everyone that lives here or owns property here (not exactly sure how the tax is applied to out of state property owners). So not only does it discourage property ownership here but, as the Crain’s article points out, estate attorneys encourage their clients to set up residency in states like Florida or Texas.