April 15--No one likes paying taxes, but finances tend to be a particularly touchy subject in Illinois.
We have a gargantuan budget deficit and a governor intent on various spending cuts to ameliorate that deficit.
Unfunded pension obligations mass on our horizon, not to mention a whole mess of Chicago bond debt.
But on April 15, National Tax Day, Illinois has yet another reason to be fiscally glum: A new study has named the Land of Lincoln the worst place in America to be a taxpayer.
The survey, by WalletHub.com places Illinois 51st among states and the District of Columbia when it comes to paying out to the man.
Even after adjusting for cost of living, WalletHub had Illinois 43rd on the list.
"The average American household pays roughly $17,000 in federal income taxes each year," the intro to the WalletHub assessment notes. "And while we're all faced with the same burden in that regard, there is significant disparity when it comes to state and local taxes."
To be sure, the list did not compare what taxpayers get for their investment. But it found Illinoisans paid an average of $7,719 in state and local taxes -- 37 percent above the national average.
Alaska was found to have the lowest taxpayer burden, with an average state and local tax payment of $2,993, about 47 percent below the national average.
Of our neighbors, Missouri charted 30th, followed by Indiana at 35th, Kentucky at 37th, Iowa at 43rd and Wisconsin at 49th.
Being last on that list wasn't Illinois' sole claim to fame in WalletHub studies this year.
We were also found to pay the second-highest amount of property taxes.
But take heart: Get through National Tax Day and April 16 is National Eggs Benedict Day.
geoffz@tribpub.com
