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Jul 18, 2017

Welcome to the top 20, Illinois. Top 20 for personal income tax rates, that is. 

Earlier this month, the state’s lawmakers raised its rate from 3.75% to 4.95%. The increase bumped Illinois’s ranking to number 16 in the nation. Previously, the state ranked 33 for personal income tax rates. Illinois is a flat tax rate state, similar to North Carolina, Massachusetts, and Utah. Despite raising its rate, Illinois’s 4.95% is less than the aforementioned states. 

Illinois’s corporate rate will jump to 7% from its previous 5.25%. Increasing the personal income tax rate will bring $4.3 billion a year in additional revenue for the state, with the increased corporate rate bringing in an additional $460 million a year. 

What does this mean for residents and their paychecks? A single person making $50,000 a year will pay roughly $287 more in taxes each paycheck in 2017. By 2018, it will increase to $574. A married couple earning a combined $100,000 will pay an extra $574 in taxes each paycheck in 2017, and an extra $1,148 in taxes in 2018. 

Live and work in Illinois and want to see the impact on a future paycheck? Use our salary calculator now. 

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