The Richest 1% in Illinois

From Wallet Hub:

Illinois
> Top 1% earn at least: $558,831 (9th highest)
> Avg. income of the top 1%: $1,639,367 (11th highest)
> Share of all income earned by the 1%: 19.2% (11th highest)
> Avg. income among all tax filers: $85,544 (13th highest)

It takes more to rank among the top 1% of earners in Illinois than in most other states.

The 56,000 taxpayers in the state who comprise the 1% earn about $91.8 billion cumulatively per year, or 19.2% of all money made in the state. Illinois’s wealthiest residents also pay a disproportionately high share of taxes, accounting for 36.2% of federal income taxes collected in the state.


Comments

The Richest 1% in Illinois — 14 Comments

  1. I’m not one of the 1%, but I am along plans to depart Illinois for good.

    It wasn’t just the high taxes.

    It was the decline in living standards.

    Crystal Lake has become filled with sickos, weirdos and thugs. I blame Shepley, ,Nygren and Linder for the steady decline.

  2. Why is everyone so obsessed with how much money others have.

    Spend half as much effort working on how to make more money for yourself and we would all be better off.

    Of course the rich will leave if this passes.

    Then the only ones left to pay for this mess will be the people who can least afford it.

    I guess at least Illinois will have finally achieved equality at least.

    Everyone in Illinois will be equally broke.

  3. You don’t need to be in the top 1% to be running for the exit if this tax amendment passes.

    It will likely mean the end of pension reform as a potential solution to the budget crisis.

    We need pension reform for current and future workers, and for current pension recipients.

    All current workers need to contribute a much greater amount to their retirement savings.

    Phased reductions of benefits by time to pension vesting should be enacted for existing workers.

    Finally and most controversially, pension caps of $200k/yr inflation-adjusted should be implemented universally and existing benefits cut for the fat cats over that.

  4. Why 200k a year as a cap?

    That’s way too much.

    The average American doesn’t make anything near that.

    There is zero reason for any government employee to have a six figure pension.

  5. They will tell you they deserve it.

    And many who passed these ridiculous pension laws benefit from them.

    Seems slimy, and it is

  6. Neal, a 200k a year cap would just be to avoid the worst of the abuses.

    Another path would be to tie a new cap to earned compensation in the last X years (as it already is), but with tighter limits and/or taking into account more years of compensation history.

  7. Other states that don’t have a flat tax and instead have “progressive” (heh) tax brackets also have lower sales and property tax, among other things.

    This what they are not telling you.

    It’s not like they are going to lower the already astronomical sales and property taxes in this state.

    It’s simply a matter of mismanagement, and none of that will change with this new “progressive” tax system.

  8. Is Jackal Franks going to be one of the higher taxed chumps?

    Or is there a special exemption for the Regal Franks Family?!

  9. @oversenior, it is Madigan for the state, your 3 were local honchos.

  10. Now the left threatens to tax everyone 50% if the amendment doesn’t pass.

    What disgusting pukes.

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