Illinois Has the Highest Tax Rates in America
It's tax season once again, so keep in mind that you've got about a month to change over from the "wearing of the green" to the "sending of your green" to the government. Woo-hoo.
Like taxpayers all over this nation, we here in the Land of Lincoln complain mightily about the slice of our overall pie that the government requires each year. However, unlike all the other states, Illinoisans have more to complain about.
Personal finance site WalletHub is out with their "Best and Worst States to be a Taxpayer," and Illinois comes in at the top--of the worst list. Every year, the average U.S. household pays more than $5,700 in federal income taxes, according to the Bureau of Labor Statistics. Here in Illinois, we beat the average.
Here's what WalletHub looked at:
As this year’s tax-filing deadline, April 18, looms closer, it’s fair to wonder which states have the most and least burdensome tax rates. WalletHub’s analysts searched for answers by comparing state and local tax rates in the 50 states and the District of Columbia against national medians. To illustrate, we calculated relative income-tax obligations by applying the effective income-tax rates in each state and locality to the average American’s income.
Before we look at Illinois' numbers, let's see which states are ranked as the 5 best for taxpayers:
And, the 5 worst states for taxpayers:
47. Rhode Island
48. New York
As for our tax rates here in Illinois (1=Lowest; 25=Avg.):
51st – Overall Effective State & Local Tax Rate
22nd – Income Tax
28th – Vehicle Property Tax
25th – Sales & Excise Taxes