Illinois is headed for disaster and I don't want to be here for it (Chicago: house, to buy)

[Manterro]

"The biggest reason why I’m leaving is the financial crisis facing Illinois. The state of Illinois is already bankrupt. Even with massive tax increases, there is no way the state can meet its pension obligations. The crisis will come when state officials acknowledge that fact and miss the first pension payments. Pensioners will meet in mass public protests, and the legislature will break into open warfare."

https://www.google.com/url?sa=t&rct=...iIxEqpeaIolzpq

[iris86]

I am not living in US, what happen if a citizen of Illinois migrate to another US state?
Do you need to apply some form of legalities to be able to do so and to get the same benefits like the pension?

Will you be considered as illegal immigrant if you just move?

[flyonpa]

You can move anywhere, in US we have freedom of movement, there is no "immigration" requirement to move from one state to another.

Once Gone Illinois can not "Get" Taxes from you after you have left the state. (You would need to pay your taxes for the part of the year you were in the state, but once gone its over, Note: If you still own property in the state you would need to pay taxes on it until you dispose of it).

If you have earned a Pension you can claim it anywhere and it will be paid to you in the state you now live in. There are no IL taxes on it if you have left the state.

[Jacobo1]

Originally Posted by Manterro

"The biggest reason why I’m leaving is the financial crisis facing Illinois. The state of Illinois is already bankrupt. Even with massive tax increases, there is no way the state can meet its pension obligations. The crisis will come when state officials acknowledge that fact and miss the first pension payments. Pensioners will meet in mass public protests, and the legislature will break into open warfare."

https://www.google.com/url?sa=t&rct=...iIxEqpeaIolzpq

Its just a letter to the editor but the guy is right. Its not a matter of if, but when.

[thunderstruck666]

You ain't seen nothing yet if you own property in the city. The automatic property taxes, as mandated by law, start in 2020. Scroll down to the section "Pension Funds Going Forward." You can see what's going to happen. This is in millions, and one thousand million equals a billion. https://chicago.github.io/afa-2017/Pensions/
Scroll down to the paragraph that starts "Paying for retirees "as we go"", this is darned scary.
https://chicagocitywire.com/stories/...-broke-in-2021

[Dad01]

trying to tell my woman not to buy a house in IL

[NewHomer556]

My brother just left Illinois a couple months ago.
Illinois is heading for an era of pain & suffering that quite frankly no other state in America has ever been through. The Dust Bowl states of the 1930s, West Virginia and the other coal states are child's play compared to what is in store in Illinois.
A lot of people are going to end up with worthless homes that have $30,000 a year property tax bills. Anyone foolish enough to buy a home in Illinois now deserves to lose their money.

[Mathguy]

I grew up in IL and lived there until age 30.

I love the state, my family mostly lives there, several drawing from the *infamous* state pension for teachers.

That being said, I was talking over this during christmas about property taxes with my siblings spouse and they said that basically they were double what I was paying in KS (I live in an urban metro with top notch schools and services) for a comparable home. They live in rural IL, not the Chicago Metro. That was eye-popping to me.

IL basically had their historic politicians buy votes by delivering massive benefits to state workers.

Unlike a company, the state does NOT have to accrue a liability when they do that.

For example, if Walmart says they're going to pay all their workers 50k a year pensions starting at age 60, that's going to be tens of billions of dollars hit on their currrent financials since they have to recognize the future cost of that promise now.

If it's a state? No budget impact. They don't have to admit the obligation ever, just pay it out of cash flow.

I am currently looking at retiring and IL is way off the list. The state pushing costs down to local governments are going to stifle property values and services. I don't think it's going to be the armagedon some do but it's not a good scenario.

P.S. I'd bet a portion of my anatomy that Illiinois will be next to legalize and sell pot. I was still shocked when I saw all the slot machines.

[Maintainschaos]

lol at the comment on the letter to the editor "old man yells at cloud"

[pvande55]

Originally Posted by flyonpa

You can move anywhere, in US we have freedom of movement, there is no "immigration" requirement to move from one state to another.

Once Gone Illinois can not "Get" Taxes from you after you have left the state. (You would need to pay your taxes for the part of the year you were in the state, but once gone its over, Note: If you still own property in the state you would need to pay taxes on it until you dispose of it).

If you have earned a Pension you can claim it anywhere and it will be paid to you in the state you now live in. There are no IL taxes on it if you have left the state.

That's the problem. If the law could be revised to prevent anyone receiving a State-funded pension from collecting if not maintaining a legal domicile inside Illinois it would be more fair. I do not pretend that most of those leaving are former Illinois payrollers, but those ought to be forced to stay.