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The Water Cooler
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Illinois Residents face 66% tax increase ...
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<blockquote data-quote="Hobbes" data-source="post: 1432895" data-attributes="member: 3371"><p>Quite True.</p><p></p><p>I have been comparing states as far as being friendly to retirees.</p><p>Tax rates are VERY important to retirees.</p><p></p><p>Here are how Oklahoma compares with Illinois as far as taxes go.</p><p></p><p>Oklahoma has an income tax with 7 brackets. The top bracket that starts at $8,700 and the tax is 5.5%. State sales tax is 4.5%. At 9.8% the the total tax burden in Oklahoma was the 19th highest in 2008. Property taxes are among the lowest in the U.S.</p><p><a href="http://www.topretirements.com/state/oklahoma.html" target="_blank">http://www.topretirements.com/state/oklahoma.html</a></p><p></p><p>Illinois has one of the lowest income tax rates with a flat rate of 3%. State sales tax is 6.25%; local governments also sometimes charge sales tax. Cigarette taxes are about average and gasoline taxes higher than average. Total tax burden in Illinois is 30th in the nation, so the state is slightly more tax friendly than average.</p><p><a href="http://www.topretirements.com/state/illinois.html" target="_blank">http://www.topretirements.com/state/illinois.html</a></p><p></p><p>MSN MoneyCentral also has a state by state breakdown:</p><p></p><p><a href="http://moneycentral.msn.com/content/retirementandwills/p45875.asp" target="_blank">http://moneycentral.msn.com/content/retirementandwills/p45875.asp</a></p><p></p><p>Of course these stats for Illinois are PRE-Income Tax Increase. <img src="/images/smilies/smile.png" class="smilie" loading="lazy" alt=":)" title="Smile :)" data-shortname=":)" /></p></blockquote><p></p>
[QUOTE="Hobbes, post: 1432895, member: 3371"] Quite True. I have been comparing states as far as being friendly to retirees. Tax rates are VERY important to retirees. Here are how Oklahoma compares with Illinois as far as taxes go. Oklahoma has an income tax with 7 brackets. The top bracket that starts at $8,700 and the tax is 5.5%. State sales tax is 4.5%. At 9.8% the the total tax burden in Oklahoma was the 19th highest in 2008. Property taxes are among the lowest in the U.S. [url]http://www.topretirements.com/state/oklahoma.html[/url] Illinois has one of the lowest income tax rates with a flat rate of 3%. State sales tax is 6.25%; local governments also sometimes charge sales tax. Cigarette taxes are about average and gasoline taxes higher than average. Total tax burden in Illinois is 30th in the nation, so the state is slightly more tax friendly than average. [url]http://www.topretirements.com/state/illinois.html[/url] MSN MoneyCentral also has a state by state breakdown: [url]http://moneycentral.msn.com/content/retirementandwills/p45875.asp[/url] Of course these stats for Illinois are PRE-Income Tax Increase. :) [/QUOTE]
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