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The Water Cooler
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Illinois Residents face 66% tax increase ...
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<blockquote data-quote="inactive" data-source="post: 1432866" data-attributes="member: 7488"><p>True, but do they also pay property taxes and sales/excise taxes that fund the same things as OK's income tax?</p><p></p><p>I don't know the answer. I just wish to point out there is more to the equation than just an income tax rate. Many of my friends in Texas laugh at OK's income tax rate (as you know, TX has no income tax), until they realize what I pay in property tax. And they pay 6.25% on vehicles, new and used (versus the 3.25 give or take we pay here).</p><p></p><p>Oregon has no sales tax, but they have income taxes. In WA State, they have no income tax but pay nearly 9% in sales taxes. Residents in Vancouver WA (a Portland suburb) are smart and drive across the river to retail shop <img src="/images/smilies/smile.png" class="smilie" loading="lazy" alt=":)" title="Smile :)" data-shortname=":)" /></p><p></p><p>It is not a linear comparison.</p><p></p><p>ETA, all other things equal I would prefer a tax on my consumption over a tax on my productivity (i.e. income).</p></blockquote><p></p>
[QUOTE="inactive, post: 1432866, member: 7488"] True, but do they also pay property taxes and sales/excise taxes that fund the same things as OK's income tax? I don't know the answer. I just wish to point out there is more to the equation than just an income tax rate. Many of my friends in Texas laugh at OK's income tax rate (as you know, TX has no income tax), until they realize what I pay in property tax. And they pay 6.25% on vehicles, new and used (versus the 3.25 give or take we pay here). Oregon has no sales tax, but they have income taxes. In WA State, they have no income tax but pay nearly 9% in sales taxes. Residents in Vancouver WA (a Portland suburb) are smart and drive across the river to retail shop :) It is not a linear comparison. ETA, all other things equal I would prefer a tax on my consumption over a tax on my productivity (i.e. income). [/QUOTE]
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Illinois Residents face 66% tax increase ...
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