Take New Jersey. His departure left New Jersey budget officials second-guessing their income-tax revenue estimates, and with good reason. On the face of it, Illinois is less dependent than New Jersey on income-tax revenue from extremely high-income earners. The U. Census Bureau estimates that Illinois lost a record , people on net to other states in the past year alone. And a report from New World Wealth estimates Chicago was the only American city to see significant loss of millionaire households to other locales, with the Windy City losing 3, more millionaires than it gained in
Trusts & Estates
Wash. state has most unfair tax structure in nation, report finds | KOMO
One of the more complicated aspects of Illinois sales tax law is sales tax nexus , the determination of whether a particular sale took place within the taxation jurisdiction of Illinois, and is thus subject to state and possibly local sales taxes. If a vendor's transactions are determined to have nexus in Illinois, the vendor must register for a Illinois sales tax license and collect appropriate sales taxes from the buyer for all transactions with nexus in the state. On this page, we have compiled some of the most commonly needed facts about what constitutes sales tax nexus in Illinois. Illinois imposes tax obligations upon those who establish a physical presence in the state.
Property Tax 101
Ever wonder how your state's income tax rates compare to other states? Tennessee and New Hampshire fall into a gray area. They don't levy an income tax on earned income, but they do tax interest and dividends.
Illinois cities have some of the highest sales taxes coming in the country with Chicago even charging a special tax on soda. Illinois cities have also been ranked as having the highest cigarette taxes in the country. Cities and counties offer a long list of property tax exemptions and the state income tax is a low flat rate of only 3 percent. The state of Illinois receives no revenue from property taxes — all of the money goes to local municipalities. In Illinois, there is a one-year lag in the property tax cycle.