A great article with a breakdown of the various Illinois taxes into simple graphics, giving us some insight into our tax structure in Illinois. Utilizing state data to analyze the multitude of taxes throughout Illinois, these charts and graphs help clarify Illinois’ taxing system. This analysis was completed by the Taxpayers Federation of Illinois and Tax Foundation.
10 THINGS YOU NEED TO KNOW ABOUT ILLINOIS TAXES story by CAITLIN WILSON, Reboot Illinois, June 2, 2015
Many views of Illinois taxes in new report
(Editor’s note: The full study on which this list is based is here: Illinois Illustrated tax study. It may take a few seconds to load.)
A new report from the Washington, D.C.-based Tax Foundation and the Taxpayers’ Federation of Illinois takes a thorough look at Illinois taxes from a variety of perspectives. In more than 40 graphics, it provides an easy-to-digest analysis of what you’re paying, what the state is collecting and how Illinois’ taxes compare to those of other states.
The full, 50-page report is highly recommended reading. But for starters, here’s a sample of 10 items that caught our eye. (We took a look earlier at the sales tax findings from the report.)
1. Illinois has a higher average sales tax than many states, but collects less actual sales tax funds than most states. This is a function of Illinois’ goods-only sales tax, which does not apply to services:
2. Conversely, Illinois’ corporate income tax rate is only the 17th-highest in the country, while the collection rate is 7th-highest:
3. Also, the personal income tax rate is the 10th-lowest, but the collections rank is the 11th-highest:
4. Illinois has the fifth-highest cell phone taxes in the country:
5. There is no inheritance tax in Illinois:
6. Illinois’ corporate income taxes have changed more than any other kind of tax in the state. Note the large dips during the post-9/11 recession and the Great Recession six years later:
7. Illinois is the state with the 10th-lowest reliance on federal aid:
3 more to go! article continued……….
Original Article: http://www.rebootillinois.com/2015/06/02/editors-picks/caitlinwilson/10-things-you-need-to-know-about-illinois-taxes/38945/