A new WalletHub study found the typical household in Illinois pays 15% of its income to state and local taxes, the highest in the nation. That’s an average of $10,463 – a 22% hike since 2017.
The typical Illinois family loses $10,463 – over 15% of its income – to state and local taxes, the highest in the nation, according to a WalletHub study.
The study looked the tax rates for someone with the U.S. median household income, who owns a median valued home and other variables to rank states. In Illinois, that comes out to $10,463, the highest in the nation and nearly $3,000 higher than the median state of Massachusetts.
It is also $2,300 more than the Illinois rate in 2017, or an increase of 22%. Illinois had the highest rate then and has kept its No. 1 tax ranking each year.
The study found Illinois state and local governments levy the nation’s second-highest gas taxes. WalletHub’s property tax rankings also show Illinois is No. 2 in the nation. Renters feel this burden by taking on 80-90% of property tax hikes.
Despite being asked to pay more than anyone else, the state has the nation’s worst pension debt. Illinois has 3.8% of the country’s population, but it carries 15.5% of the nation’s pension debt. Taxpayers must eventually come up with $140 billion to pay the state’s unfunded pension promises and another $70 billion for local pensions, or a total liability of $42,600 for each Illinois household.
Read more here.
Great…the highest taxes for rim bending roads, crumbling bridges, mediocre schools, skyrocketing crime, and debt that can never be repaid without the Fed’s printing presses. On the bright side, we do have loads of diversity, inclusion, and equity! Nice job idiot Illinois voters.