What Your Four Grand in IL State Income Taxes Buys You

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Excerpt Illinois Policy illinoispolicy.org

With the highest combined state and local tax burden in the nation, Illinoisans are right to ask: What are we paying for?

The average Illinois personal income tax return was about $4,030 for fiscal year 2024. About half of that is split between public education and state worker pensions and other employee and operating costs.

The state taxes income at a flat rate of 4.95%. The number of returns has held roughly steady at 6.2 million, but the total tax collections have jumped from $17.3 billion in 2017 to $25.6 billion in 2024. Collections this year are projected to hit $27.75 billion and then $28.73 billion in 2026.

The amount per return has grown by $1,589 from 2017 to 2024.

Continue Reading at Illinois Policy

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