By: Joe Melugins

Joe Melugins — Wed, 25 Apr 2012 12:11:48 +0000

The Tax Foundation also has a Business Climate Index where they look at a state’s corporate income tax rates, individual income tax rates, sales tax rates, unemployment ins rates, and property tax rates.

When factoring in all of those figures, Illinois has the 28th out of the 50 states. Wisconsin, on the other hand comes out 43rd.

http://www.taxfoundation.org/news/show/22658.html

By: Joe Melugins

Joe Melugins — Wed, 25 Apr 2012 12:08:30 +0000

If one also looks futher into the Tax Foundations information, they will find that among the 40 states that have an income tax, Illinois’ 5% rate is in the bottom 10.

Furthermore, according to the Tax Foundation, Illinois’ 5% individual rate is lower than the progressive rates most of the citizens in our neighboring states pay.

Wisconsin: — 6.15 percent on taxable income between $10,071 and $20,130.
– 6.5 percent on taxable income between $20,131 and $151,000.
– 6.75 percent on taxable income between $151,001 and $221,660.
– 7.75 percent on taxable income of $221,661 and above.

Iowa: — 6.12 percent on taxable income between $12,853 and $21,420.
– 6.48 percent on taxable income between $21,421 and $28,560.
– 6.80 percent on taxable income between $28,561 and $42,840.
– 7.92 percent on taxable income between $42,841 and $64,260.
– 8.98 percent on taxable income of $64,261 and above.

Missouri: — 5 percent on taxable income of $7,001 and $8,000.
– 5.5 percent on taxable income of $8,001 and $9,000.
– 6 percent on taxable income of $9,001 and above.

Kentucky: — 5 percent on taxable income between $5,001 and $8,000.
– 5.8 percent on taxable income between $8,001 and $75,000.
– 6 percent on taxable income of $75,001 and above.

Indiana only has a 3.4% individual tax rate, but they add about a 2% county tax to one’s return.

http://www.taxfoundation.org/taxdata/show/228.html

Comments on: Guest Column: Illinois is among top taxed states in the nation

By: Joe Melugins

By: Joe Melugins