By The Numbers: Illinois Households Pay A Crazy Amount Of Taxes
When a food-based website gives your state poor marks for its cuisine, it's easy to laugh it off because everyone has different tastes, we like and dislike different things, yada yada yada...
But when a financial website throws a big red "F" grade at your state, using real numbers to do it, there's really no laughing it off because money is coming out of your pocket at a higher rate than it's happening to residents of other states.
On the list of the most and least tax-friendly states, you've got Illinois at one end, and Wyoming at the other end. Wyoming is the most tax-friendly state, Illinois is the least, and a whole pile of money separates the two of us.
The Analysts At MoneyGeek.com Took A Close Look At Which States Are Most "Tax Optimized," And There's A Big Difference Between The Most Tax-Friendly States And Those That Aren't
About $11,340 per household, if you're interested in the numbers. Speaking of the numbers, here's how MoneyGeek.com came up with their findings:
To assess the tax-friendliness of all 50 states and the District of Columbia, MoneyGeek analyzed data from the U.S. Census Bureau, the Tax Foundation and the U.S. Bureau of Labor Statistics’ Consumer Expenditure survey. Using this data, MoneyGeek awarded each state a tax-friendliness grade, giving an “A” to the states with the smallest tax burden and an “F” to the states with the largest. MoneyGeek considered sales, income and property taxes in its calculations.
As You've No Doubt Guessed, Illinois Gets An "F" For Being The Least Tax-Friendly State In The Union
The tax burden per household in Illinois, according to the MoneyGeek.com study, is $14,778 in annual taxes, or 16.9% of household income, the highest in the nation. Who else gets an F?
- Connecticut (15.3% of household income going toward taxes)
- New Jersey (14.8%)
- New Hampshire (14.3%)
Some of our Midwestern neighbors, while not getting an F, did come away with a D:
- Iowa (13.8% of household income going toward taxes)
- Wisconsin (12.8%)
- Michigan (12.5%)
Wyoming, the most tax-friendly state, only takes $3,438 per household, or $11,340 less than Illinois.