Lake County Gazette

Lake County financial guru Stuart Loren is calling out the state of Illinois for threatening to raise income taxes on high earners.

Loren pointed to the state’s unsustainable pension funds as an exodus of high earners continues to flee the state. 

“Another LOL moment brought to you by Illinois politicians. This time on the proposed state wealth tax again. Nowhere to hide? My man, it’s not hard for these folks to move…” Loren said on Twitter.

A United Van Lines study also revealed the majority of those leaving by far were high-earning residents. Of those fleeing the state, 21.61% made between $100,000 and $149,999 per year while 51.87% of those leaving made over $150,000 per year. 

“I thought the most worrying data point though was the income profile of people leaving. We're losing high-income taxpayers,” Stuart tweeted. 

The study also showed Illinois had the second highest rate of residents leaving the state. 

“Not the kind of top-10 survey you want to be in the top for. From United Van Lines Annual National Movers Study for 2022. 64% of all moves in Illinois were moves out of state,” Loren said in a tweet. 

He said the state needs to change its ways to attract high earners. 

“The vibe we should be sending is Illinois is open for business. Not open for confiscation. Is the goal to accelerate these trends?” He said in an earlier Twitter thread. 

Loren prescribed a fix to the problem. 

“I sound like a broken record here, but I'm right... Unless we improve public safety, lower the tax burden on families/businesses and get our fiscal/pension mess in order, more people who can leave will leave and that creates a larger tax burden on those who stay,” he said on Twitter.

Loren holds a law degree from Harvard and is a managing partner of the Highland Park-based Fort Sheridan Advisors.

Loren’s bio on the Fort Sheridan Advisors website discusses his background further. 

“He is responsible for client portfolio management, investment research and market analysis. Stuart has extensive investing experience, with a primary focus on U.S. equities, options strategies and asset valuation,” the website reads. 

“Prior to joining Fort Sheridan, Stuart practiced corporate law at Goodwin Procter LLP in Boston, MA, where he advised clients on debt finance transactions, securities law and mergers and acquisitions. Stuart received a BA from Northwestern University and a JD from Harvard Law School, where he advised the Treasury Department on administering federal credit programs and debt collection law. Stuart holds the Series 7 and Series 66 licenses.”