We've come a long way since Lincoln. Or have we?
State tax ranking ranged from 1 for the lowest tax rate to 50 for the highest. I'm not sure how this came about but Illinois bested itself coming in at 51st for Overall Effective State and Local Tax Rate.
Small wonder people are leaving the state.
The difference between the lowest tax rate, Alaska at 5.70 and the highest, Illinois at nearly 15% (14.90) is no small potatoes. Based on a median income of $58,082, Alaska taxpayers pay an average of $3390 while Illinois taxpayers are required to dole out $8653.
Here are other highlights (or lowlights--depending upon your perspective) from the study:
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
2019 Taxpayer Survey
- Fewer than 4 in 10 people are happy with President Trump’s tax reforms. 70% think they benefit the rich more than the middle class.
- 89% of people think the government currently does not spend their tax dollars wisely.
- 31% of people say making a math mistake is their biggest Tax Day fear, edging out not having enough money (28%) at the top of the list.
- 36% of people would move to a different country for a tax-free future. 24% would get an “IRS” tattoo and 15% would take a vow of celibacy.
Some Helpful Taxpayer Resources from WalletHub
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