Illinoisans Working Longer To Pay Taxes
From Crain's Chicago Business
April 15 may be the filing deadline, but Illinois residents will work until April 25 to pay all their taxes, a taxation think tank said Tuesday.
That's one day later than last year, giving Illinois the fourth-latest “Tax Freedom Day” in the nation (tied with Massachusetts), according to the Tax Foundation, a Washington-based nonprofit tax research group.
Federal taxes are the biggest driver of the calculation. Nationally, it takes 32 days on average to pay federal income taxes, 24 days to pay federal payroll taxes and eight days to pay state and local taxes.
Tax Foundation chief economist William McBride said this year's increase in payroll taxes and federal income taxes and somewhat better economy pushed back Tax Freedom Day by five days this year to April 18 for the nation as a whole.
Generally, low-income states pay off their taxes sooner. The earliest was March 29 for Mississippi. Illinois has the fifth-highest personal income in the U.S.
The Tax Foundation's annual calculation adds up all federal, state and local taxes, divided by national income to calculate a national Tax Freedom Day. State calculations are adjusted to account for taxes paid by consumers in other states, such as taxes on oil drilling in Alaska.
Read more in our daily News Update...
From Crain's Chicago Business
April 15 may be the filing deadline, but Illinois residents will work until April 25 to pay all their taxes, a taxation think tank said Tuesday.
That's one day later than last year, giving Illinois the fourth-latest “Tax Freedom Day” in the nation (tied with Massachusetts), according to the Tax Foundation, a Washington-based nonprofit tax research group.
Federal taxes are the biggest driver of the calculation. Nationally, it takes 32 days on average to pay federal income taxes, 24 days to pay federal payroll taxes and eight days to pay state and local taxes.
Tax Foundation chief economist William McBride said this year's increase in payroll taxes and federal income taxes and somewhat better economy pushed back Tax Freedom Day by five days this year to April 18 for the nation as a whole.
Generally, low-income states pay off their taxes sooner. The earliest was March 29 for Mississippi. Illinois has the fifth-highest personal income in the U.S.
The Tax Foundation's annual calculation adds up all federal, state and local taxes, divided by national income to calculate a national Tax Freedom Day. State calculations are adjusted to account for taxes paid by consumers in other states, such as taxes on oil drilling in Alaska.
Read more in our daily News Update...