Research I did this morning concerning Illinois and taxes

Illinois has a 3% income tax on adjusted gross income. It is a mistake to say it is “one of the lowest in the nation” due to the fact we pay other taxes, too. Illinois counties collect property taxes and sales taxes on purchases (state and local).

Even if you say the Illinois state income tax is “lower” (We are rank 31 of 50 states), our property taxes are “higher” (10 of 50 states). Our state sales taxes are also ” higher” (16 of 50 states). I could not find information on where we rank with local sales taxes but… Shopping at Woodfield gets you a 10% tax on the goods purchases (which includes the 6.25% Illinois sales tax). We have to assume that Illinois is “higher” for local sales taxes.

It is important to look at “total tax burden” per individual or family or corporate entity. I got this information just “googling”.

Advertisements

About Christopher Hessenflow

Christopher Hessenflow is a financial planner in the Chicago area. He works with all sorts of people who are much more interesting than he is. He enjoys his career which lends him time to think and, sometimes, be creative. Chip was born bald.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s