Illinois ranks as 2nd worst state for taxation
Illinois’ taxation is the 2nd highest in the country for residents who are in low income, middle income categories and only slightly better, 3rd highest for residents in the high income levels. The study impacts property taxes, wages and sales taxes and was completed by WalletHub.com, and online free credit service company.
By Ray Hanania
A new study by WalletHub.com, which offers free credit access online, shows that Illinois is the 2ndWorst State in America when it comes to taxation, especially for those in lower income brackets such as the poor, senior citizens and single-parent households. The study compared taxation against income in three categories, low, middle and high in the 50 states and in the District of Columbia.
The 10 worst states where “middle income” residents face the highest taxation levels on everything from property to income to social security are: New York, Illinois, Hawaii, Washington, Pennsylvania, Ohio, Indiana, Kentucky, Iowa, Kansas, and Connecticut. These states are also bad for the poor but offer slightly better advantages for the wealthy.
The 10 Best states where “middle income” residents face the lowest taxation are: Alaska, Delaware, Montana, Nevada, Florida, New Hampshire, Wyoming, Utah, Tennessee, and Colorado.
The District of Columbia (D.C.) ranks 8thbest for lower income residents and 21 for middle income residents.
The states of Alaska, Nevada, Wyoming, Tennessee and Florida provide the same advantages for high income and middle income residents, while Illinois ranks 50thout of 51, the worst rating, for high and middle income and also for the poor.
The chart below shows how poorly Illinois, and some selected states, treat its wage earners in all three categories, low income, middle income and high income:
|State||Income Level||Sales & Excise Tax as % of Income||Property Tax as % of Income||Income Tax as % of Income||Total Tax as % of Income|
You can use one of the charts below to check your state, or compare it to other states.
You can click here to read the entire report.
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