With this thread transitioning into costs/ environment being a potential reason this recently updated auto plant is being shuttered to cost of operations outside of the plant being a contributor- here is an interesting analysis/commentary on tax costs:
Tax friendliness reports ranked Illinois as the most expensive for middle-class families and second most expensive for retirees. Analysts cited high property taxes, sales taxes and income taxes as cinching the bottom spots.
New financial reports rank Illinois as the least tax-friendly state for middle-class families and second-least tax-friendly for retirees in 2022.
Kiplinger’s annual state tax analyses found Illinois’
second-highest property taxes, eighth-highest combined sales tax and above-average income taxes are costing
middle-class families more than anywhere else in the country.
The reports also determined
Illinois retirees pay the second highest rates combined in the U.S. for property, sales, income and estate taxes. Only retirees in New Jersey paid more thanks to the state’s inheritance tax.
Corroborating reports show Illinoisans paid the nation’s highest taxes in 2022, costing each family
16.8% of their annual income. The same family would pay less than 10% of their income to taxes in
30 other states.
This nation-leading tax burden is driven primarily by Illinois’ second-highest property taxes, which are double the national average.
The Kiplinger report estimates property taxes cost Illinoisans $2,241 yearly per $100,000 of assessed home values. That means the median
state homeowner is predicted to pay about $5,688 in 2022.
If Illinois property tax rates continue to increase at their long-run average rate, the typical homeowner will pay
more than $2,100 in additional property taxes over the next four years. For middle-class families and retirees
concerned with higher costs, that could mean considering a more tax-friendly state — and many already are.
Nearly half of Illinoisans have thought about moving away, citing high taxes as their
No. 1 reason. State lawmakers can limit future outmigration and entice more families and retirees to stay in Illinois by making property tax relief a priority.