Illinois will impose the nation’s seventh-highest state and local tax burden on residents in 2025. Taxpayers on average will pay over 10% of their annual income to support government, according to WalletHub.
Illinois politicians are already talking about taxing retirees, adding “surcharges” and city income taxes if they can convince voters to abandon the Illinois Constitution’s flat tax protection and give lawmakers greater taxing power.
Illinoisans needed extra time to pay all their federal, state and local taxes. As long as that took, a progressive state income tax would delay your freedom even more.
The 67 percent tax hike on individuals and the 46 percent tax hike on corporations were supposed to pay down the states unpaid bills, but instead 80 cents out of every tax hike dollar went to fund state worker pensions in 2012.
In 2012, Illinoisans will have to work 114 days to earn enough to pay their combined federal, state and local tax bill – seven days longer than the average of all the states. The Tax Foundation released their annual “Tax Freedom Day” report, which determines how long residents must work to pay off all tax...
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.