Land of Lincoln’s Taxation Blues
Online financial tool WalletHub produced another scathing review of Illinois residents’ tax burdens, following last week’s study showing our property tax bill as being the second highest in the nation. Their newest study shows that Illinois ranks dead last - 51st among states for our combined state and local tax rates.
The study shows the average Illinoisan will pay an estimated $7,719 in state and local taxes just for the privilege of living in Illinois. This adds up to 2.5 times more than the most tax-friendly states. Sadly, WalletHub also found that Illinois residents don’t get much bang for their buck—the state ranks 41st for return on taxpayers’ investment.