Because Illinois taxes can get pretty complex, the Taxpayers' Federation of Illinois, Illinois Fiscal Policy Council and Tax Foundation created "Illinois Illustrated," a book that makes the state's taxes easier to understand through direct, user-friendly graphs and charts.
From local to corporate taxes, the visual guide provides Illinoisans with a comprehensive overview of state taxes and the economy in general, sans all the confusing tax terminology. The selected charts and graphs below are from the report; a full version can be found here.
Three fast facts to know about Illinois taxes
4. One of the most important components of a state's tax policy is revenue stability over the business cycle, according to the report. When the state economy experiences variations, certain types of taxes tend to respond differently to these changes. In Illinois, corporate income taxes were found to fluctuate the most.
3. On top of corporate income taxes, businesses in Illinois are subjected to an array of other taxes. In fact, of the $32.3 billion paid by the state's businesses in 2013, the largest portion--$12.8 billion--came from property taxes, with corporate income taxes constituting the third-largest source of tax revenue.
To see two more facts you should know about Illinois taxes, including how the sales tax has become less and less a part of the economy, check out Reboot Illinois.
- 10 things to know about Illinois taxes
- Guest: Homeowners need a "time out" from relentless Illinois property taxes
- Moody's Illinois report: State holds seeds of its financial destruction or renewal
- A nationwide overview of state income tax systems, rates in 2015
- Want to tell your elected officials what you think of the state of government in Illinois? Use our Sound Off tool!
Sign up for our daily email to stay up to date with Illinois politics.