CHICAGO (WLS) -- With the tax deadline for most Americans fast approaching, WalletHub conducted an in-depth analysis of 2015's Best States to Be Rich or Poor from a Tax Perspective.
In order to identify the best states where people in different income brackets spend the most and least on taxes, WalletHub calculated the share of income that a taxpayer contributes toward sales and excise taxes, property taxes and income taxes.
Tax Burden in Illinois
49th for Low Income Earners (12.10% of Income goes to various taxes)
50th for Middle Income Earners (11.30% of Income goes to various taxes)
44th for High Income Earners (9.83% of Income goes to various taxes)
For the full report, please visit:
In order to identify the best states to be taxed according to one's income group, WalletHub generated estimates of the state-specific tax burden on residents at three income levels - low ($25,000), medium ($50,000) and high ($150,000) - in each of the 50 U.S. states and the District of Columbia, using data from the Institute on Taxation & Economic Policy's 2015 report.
Ill. ranks as 49th state to be poor, 50th to be middle-income when filing taxes