Report: Illinois is the worst state to be a taxpayer

Report: Illinois is the worst state to be a taxpayer

[Highest state and local tax– Illinois]

Posted: 04/15/2015, 11:36am |

For Illinois residents, there’s isn’t much good financial news.           AP Photo/Seth Perlma

[This article has a number of useful links from Wallet Hub and the Chicago Sun Times]

In fact, it’s so bad, even Abraham Lincoln is feeling the effects of it, 150 years after his assassination.

And now, a new report from Wallet Hub rubs salt in your Tax Day wounds. The report shows Illinois residents have the highest state and local tax obligations, paying more than 2.5 times more than the cheapest states.

This comes on the heels of a report showing Illinois has the second-highest real estate taxes in the nation. The state also has one of the most unfair tax systems.

Wallet Hub “calculated relative income tax obligations by applying the average American’s income to the effective income taxes rate in each state and locality” to come up with the rankings.

The average Illinois resident will pay $7,719 in state and local taxes.

Source: WalletHub

It’s not all bad news, Illinois, as it’s one of 23 states that doesn’t levy a vehicle property tax, so that’s one tax category it comes in first. Even if it is shared by nearly two dozen other states.

Additionally, when rankings are adjusted for cost of living, Illinois goes from No. 51 to No. 43. Connecticut takes last place in that list.

How much do Illinois residents get in return for all of those taxes they’re paying?

Not much, according to a separate report, which puts Illinois at No. 41 on the “Return on Investment” list.

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