Illinois Has The Highest Tax Rates in America
Sure, it's great to be #1 at something, but I think most of us here in Illinois would prefer it to be in another category.
We should be careful about what we wish for, since rumor has it that lawmakers are considering a "wish tax." You're taxed double if you wish you lived in another state.
But seriously...we are paying some serious taxes here in the Land of Lincoln.
Personal-finance site WalletHub did what they do best--crunch the numbers on which states (and the District of Columbia) saddle their citizens with the highest tax rate.
Here's what WalletHub considered to make their determinations:
WalletHub 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.
Here are WalletHub's 5 best states for taxpayers:
And, the worst...
48) New York
Tax Rates in Illinois (1=Lowest; 25=Avg.):
- 51st – Overall Effective State & Local Tax Rate
- 39th – Income Tax
- 50th – Real-Estate Tax
- 1st – Vehicle Property Tax
- 25th – Sales & Excise Taxes