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Faculty Working Paper 93-0179 330 B385 1993:179 COPY 2 STX The Development, Forms, and Yields of State Sales Taxes John F. Due Department of Economics University of Illinois Bureau of Economic and
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People Also Ask about
What is the state tax in Illinois?
How is income taxed in Illinois? Illinois' flat income tax rate means that every resident, regardless of income level, pays the same individual income tax rate of 4.95 percent. Nonresidents who work in Illinois also must pay income tax to the state, unless they live in Wisconsin, Iowa, Kentucky or Michigan.
Is Illinois a high tax state?
Illinois residents face an effective total state and local tax rate of over 15%, the nation's highest, based on the median U.S. household income. Effective tax rate, total taxes, U.S. rank by state.
What are 3 main types of taxes collected in Illinois?
Individual and Consumption Taxes Individual Income Taxes. Estate & Gift Taxes.
What are three sources of revenue in Illinois?
Sales, income, and property tax revenues are the primary source of general funding for state and local government.
What is the state income tax in Illinois?
Individual Income Tax 4.95 percent of net income.
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