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Chicago Tribune
4 hours ago
- Business
- Chicago Tribune
Letters: Why would Illinois want to be like Texas? Consider these statistics.
The editorial on Texas tax cuts would have us believe everything is bigger in Texas due to its low taxation. Yet, I can name a few basic benefits we should all expect to be afforded in a prosperous society, which are, in fact, very scarce in Texas. Want to live in a state where you're assured of basic quality health care? Don't move to Texas, which, unlike Illinois, refused the Affordable Care Act's Medicaid expansion and, as a result, has the highest uninsured rate in the country, according to the U.S. Census Bureau's American Community Survey. Want to live in a state that provides your children access to a quality education? Again, don't move to Texas, where, according to the Education Data Initiative, Texas invests one third less in their pupils than Illinois. ACT scores were five points higher in Illinois compared with Texas in 2024, according to the ACT. Want to live in a state that acknowledges the effects of climate change and does all it can to protect you from its pernicious effects? Moving to Texas will put you on a collision course with climate change's dangers, as evidenced by the millions of Texans left without power in the freezing winter during the deadly 2021 energy grid crisis due to a lack of regulatory oversight. Additionally, more than 130 lives may have been saved in the recent flash flood disaster in Texas had its leaders chosen to invest in siren networks and flood alert systems. While the Tribune Editorial Board would have you believe Texas' lower taxation leads to a windfall of savings for its residents, when accounting for the higher median incomes of Illinois residents and Illinois' superior social safety net, this claim turns out to be weak. A 2023 Council for Community and Economic Research report showed that while Texas's nominal cost of living was 7% to 10% lower than Illinois, the difference in effective purchasing power for the average family was only 2% to 3% lower. I know I am willing to pay 2% to 3% more to ensure my family benefits from better health care, stronger educational opportunities and improved disaster readiness to help us live longer and more fulfilling to the Tribune Editorial Board for continuing to promote the Republican Party line: tax cuts good and tax hikes bad ('Texas is talking tax cuts. Illinois? More hikes,' July 23) . It was one of the most tone-deaf editorials the board has done since it endorsed third-party candidate Gary Johnson over Hillary Clinton in 2016. I know we have short attention spans these days, but is the board really going to hold up as a role model the state where 138 people just died from floods because of a lack of infrastructure investment that could have been paid for with taxes? The state where 246 people died in 2021 when its power grid failed, also for lack of investment in infrastructure? The state that ranks second worst in the country for quality of life in 2025, according to CNBC? The CNBC article states that 'according to the United Health Foundation, Texas has the nation's lowest number of primary care doctors per capita, the second-lowest number of mental health providers, and it consistently has the highest rate of people without health insurance. The state has among America's strictest abortion bans, and crime is on the high side.' And regarding the abortion bans, was the editorial board aware of the following statistics? According to the Johns Hopkins Bloomberg School of Public Health, 'between 2021 and 2022, infant deaths in Texas rose from 1,985 to 2,240. … This corresponds to a 12.9 percent increase in infant deaths in Texas versus a 1.8 percent increase in infant deaths in the rest of the U.S. during the same period.' Public education, according to the World Population Review? Texas is 40th; Illinois is 17th. So go ahead, editorial board, continue to glorify tax cuts and encourage Illinois to become more like Texas, a state that chooses policies that kill people by default. Me? I will continue to cheer on our governor and other local and state officials who use the taxes they raise to give Illinois citizens a solid quality of Brandon Johnson has ruled out a property tax increase and instead is looking for 'progressive revenue.' The mayor once was a teacher, but he seems incapable of learning lessons from history. The facts are clear: High taxes drive people out of cities and states. Tens of thousands of residents left Illinois each year from 2019 to 2024, and high taxes were a major reason for many. Illinois only avoided losing population due to immigration, largely people from Venezuela. In the old Soviet Union, the system controlled where people could live and work. China has the system of household registration, severely limiting educational and job opportunities and access to services to residents who do not stay in their assigned permanent residency. Thankfully, in the United States, people are free to choose where to live. The mayor was cagey about what specifically 'progressive revenue' means. It is worth considering what taxes Chicagoans already pay. In addition to federal and state taxes, the sales tax in Chicago, a portion of which goes to the state, is 10.25%, among the highest of American cities. Property taxes are already higher than the national average. There are real estate taxes, utility and telecom taxes, amusement taxes, hotel taxes, restaurant taxes, alcohol taxes, a shopping bag tax and cannabis taxes. Businesses are struggling because of high taxes. Tax the wealthy? Fueling the exodus of wealthy taxpayers will further weaken the tax base. Wealthy corporations? Boeing, Caterpillar, Citadel, Tyson Foods and others have already left. A bailout from Springfield or Washington is a pipe dream. Borrow more money? The debt per taxpayer is already among the highest in the country. There is only one responsible option for Chicago: Cut expenses. Unfortunately, the mayor lacks the nerve to do Harvey grapples with mounting debt, it recently made the difficult — but fiscally responsible — decision to lay off 10% of its workforce. And what has Mayor Brandon Johnson and Gov. JB Pritzker done to address the finances of Chicago and the state, respectively? Johnson has not addressed this city's bloated workforce. Instead, he told the city's contractors to reduce their charges and advocated for the Bring Chicago Home initiative, which would have raised the real estate transfer tax on the wealthy and corporations, spurred their departures and ultimately reduced the city's tax base. Likewise, Pritzker has not addressed this state's dismal pension and financial outlook. He has yet to address this state's number of governmental bodies — more than 8,500 — and attendant costs, which are more than even more populous states. Instead, our governor advocated for a graduated income tax scheme, which would have had the same effect as Bring Chicago Home, and now he simply baits President Donald Trump in national forums. Chicago needs to reduce municipal expenditures by examining and eliminating its bloated workforce, and it further needs to consider the need for 50 wards and aldermen and the attendant expenses. And Illinois needs to get its financial house in order by consolidating and/or eliminating some of its more than 8,500 governmental bodies. The elimination of bloated workforces and governmental bodies would be to the benefit of overburdened and overextended taxpayers and thus would be in the public interest.
Yahoo
2 days ago
- Business
- Yahoo
10 Best Places in the South To Retire With $500K in Savings
Half a million dollars might not sound like a fortune these days, but in the South it can go a surprisingly long way. Retirees can stretch their dollars much further thanks to a lower cost of living, but without compromising on a nice quality of life. Whether you're dreaming of coastal breezes, scenic views or outdoor adventures, there are affordable options. Also See: Learn More: To help narrow down the search, GOBankingRates analyzed U.S. cities with data from the 2023 5-year U.S. Census American Community Survey and compiled a list of places to retire in the South with a nest egg of half a million dollars. Here are the 10 best spots. Sebastian, Florida Livability: 83 Annual cost of living: $48,010 Cost of 20 years of retirement (after Social Security): $481,635 Find Out: See More: Cape Canaveral, Florida Livability: 83 Annual cost of living: $48, 831 Cost of 20 years of retirement (after Social Security): $469,038 Discover More: Kerrville, Texas Livability: 81 Annual cost of living: $47,281 Cost of 20 years of retirement (after Social Security): $465,037 New Port Richey, Florida Livability: 80 Annual cost of living: $45,582 Cost of 20 years of retirement (after Social Security): $431,056 Cold Spring, Kentucky Livability: 78 Annual cost of living: $46,023 Cost of 20 years of retirement (after Social Security): $439,896 Explore More: North Port, Florida Livability: 76 Annual cost of living: $45,617 Cost of 20 years of retirement (after Social Security): $431,771 Tavares, Florida Livability: 76 Annual cost of living: $46,079 Cost of 20 years of retirement (after Social Security): $441,014 Orange Park, Florida Livability: 76 Annual cost of living: $46,106 Cost of 20 years of retirement (after Social Security): $441,551 Read More: South Boston, Virginia Livability: 75 Annual cost of living: $30,813 Cost of 20 years of retirement (after Social Security): $135,695 North Fort Myers, Florida Livability: 74 Annual cost of living: $46,377 Cost of 20 years of retirement (after Social Security): $446,976 Methodology: For this study, GOBankingRates analyzed cities cities across the United States to find the best places to retire with $500,000 in savings. Using the 2023 5-year Census American Community Survey, cities with at least 1,000 residents ages 65 and over were identified. Cost of living was determined using Sperling's BestPlaces and the Bureau of Labor Statistics Consumer Expenditure Survey. The average Social Security income was sourced from the Social Security Administration's Monthly Statistical Snapshot. The livability was sourced from AreaVibes and is used to determine the overall quality of life, representing the 'best' places. Cities with 20-year cost of retirement under $500,000 were sorted to show the highest quality of life, representing the best places you can retire with $500,000 in savings. All data was collected on and is up to date as of June 16, 2025. More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 10 Best Places in the South To Retire With $500K in Savings
Yahoo
6 days ago
- Business
- Yahoo
Kitsap County apartments for rent saw essentially no changes in June
Renters in Kitsap County saw apartment listing prices essentially unchanged from May's average of $1,903, an analysis of new data from Apartment List shows. The average apartment listed for rent at $1,901 in June. Average listing prices in Kitsap County are trending slightly downwards from May's $1,903 price, up 4.4% from this time last year. The data is inclusive of all bedroom sizes, from studios to three-bedroom units, so while it is a good indicator of how rents are moving in the area, it does not include single family homes for rent, said Chris Salviati, senior housing economist for Apartment List. One-bedroom apartments listed to rent at an average of $1,376, nearly the same as May, when they were $1,378. Since last year, one-bedroom rental prices rose 4.3% from $1,319. Two-bedroom apartments listed for rent were basically flat to May at an average of $1,868, compared to $1,870. Since last year, two-bedroom rental prices rose 4.4% from $1,790. Statewide, Washington rental listing prices are on the rise from May's average of $1,776, at $1,789. In Washington, one-bedroom rentals were listed for an average of $1,568, 0.8% higher than May's average of $1,556. Two-bedroom rental listing prices are trending 0.7% higher than May's average of $1,745 at $1758. In Kitsap County, the average apartment listed for rent is 6% above the state average. One-bedroom rentals were 12% below the state average, while two-bedrooms listed 6% above. Nationwide, apartment rental listing prices are essentially unchanged from last month's $1,398. One-bedroom rentals across the nation listed for an average of $1,231, nearly the same as last month, while two-bedroom rental listing prices approximately the same as last month's average of $1,384. In Kitsap County, the average apartment listed for rent is 36% above the national average. One-bedroom apartment rentals listed 12% above the national average, with two-bedroom rentals listed 35% above. The average apartment rental prices used in this report are gathered from Apartment List, which estimates the median rent using median rent statistics from the Census Bureau's American Community Survey and a growth rate calculated from their listing data. Read more about their rent estimate methodology here. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Apartment List. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Kitsap Sun: Kitsap County apartments for rent saw essentially no changes in June Solve the daily Crossword
CNBC
20-07-2025
- Business
- CNBC
Retirees are fleeing these 10 U.S. cities—most are in states where you need over $1 million to retire
Start spreading the news: Retirees are moving out of New York City. As well as other major cities, including Los Angeles, Washington D.C., Denver and San Diego, California, according to a June study by SmartAsset, which analyzed data from the Census Bureau's latest American Community Survey. These cities experienced the highest net loss of residents aged 60 and over in 2023, meaning significantly more people in the age group moved out than moved in. While larger cities could have higher net migration numbers because they have more people, what stands out about New York is the scale of retirees leaving: Nearly 24,000 seniors left the city in a single year — more than triple the number who moved in, and more than three times the net outflow of the next-highest city. Four of the top 10 cities retirees left were in California, which had the highest net loss of residents aged 60 and over. The state lost 56,858 residents over 60 in 2023, according to the study. Here are the top 10 U.S. cities retirees fled in 2023, ranked by the highest net outflow of people aged 60 and over. Retirees may choose to move for various reasons, such as being closer to family, enjoying better weather or taking advantage of more favorable tax laws, but a high cost of living can also be a major factor in deciding to leave a city. In September, WalletHub ranked New York City as the priciest city to retire in, and a majority of the top 10 cities that retirees are leaving are in states where you typically need over $1 million in savings to retire comfortably, according to an analysis by GOBankingRates earlier this year. In New York state, you can expect to need around $1.3 million in savings to retire, while in California you'll need about $1.6 million, the analysis says.
USA Today
20-07-2025
- Business
- USA Today
Water and wealth: Here are the 10 richest suburbs in America
New York State, California and Texas are home to eight of the 10 wealthiest suburbs in America, according to a new ranking drawn from Census data. The nation's wealthiest suburb is Scarsdale, in New York's leafy Westchester County, with an average household income of $601,193, according to an analysis released July 16 by the personal finance site GOBankingRates. The Westchester suburb of Rye ranks second, with an average household income of $421,259. No two suburbs are alike, but the cities near the top of this ranking share some features in common. Many are on the water, or near it. Several are college towns. Affluent suburbs tend to sit a good distance from the urban center, but close enough for a sane commute. 'You can stay in your bubble, but also get out of your bubble and still get the things you need,' said Rudri Patel, a senior financial expert at GOBankingRates. The ranking is based on average household incomes for suburbs of at least 5,000 households, according to the 2023 American Community Survey. If you don't see your favorite wealthy suburb on the list, that may be the result of statistical choices that shaped the results. This GOBankingRates ranking considers mean household incomes, which can be skewed by the ultra-rich. Other rankings have looked at median incomes, which are often lower. By median income, the wealthiest U.S. city is Sammamish, Washington, a Seattle suburb, according to a U.S. News analysis. The median household income in Sammamish is $238,750. Some wealthy suburbs were too small for the GOBankingRate ranking. The Chicago suburb of Kenilworth and the Washington, D.C., suburb of Chevy Chase, for example, have fewer than 5,000 households each. Here are the 10 wealthiest suburbs in America Here are mini-profiles of the 10 wealthiest suburbs in America. Here are the richest suburbs of other big cities Don't see your city or suburb on the Top 10? Here are some other wealthy suburbs attached to big metros.
