How Does Illinois State Tax Rates Compare to the Rest of the U.S?admin / 0 Comments /
Its time to prepare to file taxes and as Illinois residents review the amount they pay in taxes, they may wonder if all Americans gasp at how much of their money goes to their state in taxes. While many Americans feel their overall tax responsibility is more than they would like, Illinois residents may have one of the best reasons to complain about the amount they pay.
Wallethub.com recently compiled a list of all 50 states and the District of Colombia and ranked them in order of state and local tax rates. Illinois ranked number 50 in that list. Meaning, Illinois came second to only New Jersey in the states with the highest tax rates. Taking into account real estate tax, vehicle property tax, income tax as well as sales tax, Illinois is the second highest in terms of state and local taxes.
In fact, according to an article published on abc7chicago.com, “…the Illinois tax rate is 38.51 percent higher than the national average of 10.76 percent.” Read the entire article and view the other 50 state rankings here.
Photo Credit: Roman Boed