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Old 11-19-2008, 08:40 AM
 
Location: Oak Park, IL
5,525 posts, read 13,950,687 times
Reputation: 3908

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Quote:
Originally Posted by analyticalkeys View Post
Huh?? Chicago has the highest taxes of ANYPLACE in the U.S.
Highest sales tax. The income tax is quite low, especially for high income earners. If you had bothered to read the prior posts you'd know that.
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Old 11-19-2008, 09:08 AM
 
11,975 posts, read 31,792,528 times
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People who want to believe that Chicago taxes are higher than anywhere else in the country are ignorant of the facts. The SALES TAX is the highest in the nation, and that is a very bad thing, considering the state of retail in general. And we get nickleled and dimed to death with user fees, fines, and frivolous taxes.
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Old 11-19-2008, 09:41 AM
 
Location: Chicago - Logan Square
3,396 posts, read 7,211,251 times
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Quote:
Originally Posted by Lookout Kid View Post
People who want to believe that Chicago taxes are higher than anywhere else in the country are ignorant of the facts. The SALES TAX is the highest in the nation, and that is a very bad thing, considering the state of retail in general. And we get nickleled and dimed to death with user fees, fines, and frivolous taxes.
That sums it up pretty well. It seems like everyone likes to complain about how they have the highest taxes in the country - people in NYC and SF about their income tax, Bostonians about Taxachussetts, etc.
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Old 11-19-2008, 10:54 AM
 
Location: City, State
364 posts, read 1,568,751 times
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What is Chicago's income tax compared to the national average?
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Old 11-19-2008, 11:01 AM
 
Location: Chicago - Logan Square
3,396 posts, read 7,211,251 times
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Quote:
Originally Posted by djkkt6 View Post
What is Chicago's income tax compared to the national average?
As posted before, Chicago has no income tax. The Illinois State income tax is a flat 3%, which is a little lower than the majority of states, but since it is a flat tax it is much lower than many other states if you are making good money.
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Old 11-19-2008, 11:05 AM
 
Location: City, State
364 posts, read 1,568,751 times
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Okay... let me rephrase. How do the income taxes that those people who live in Chicago pay compare to a person who doesn't live in Chicago, like St. Louis?
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Old 11-19-2008, 11:05 AM
 
11,975 posts, read 31,792,528 times
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And NYC does have an income tax. Ouch.
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Old 11-19-2008, 11:16 AM
 
Location: Oak Park, IL
5,525 posts, read 13,950,687 times
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Missouri has a graduated/progressive income tax with ten tax brackets.

Missouri state taxes

If you make more than 9k (minus exemptions), you are taxed at a top rate of 6%. If you work or live in St. Louis, you pay an additional income tax of 1%. So a total of 7% versus 3% in Chicago. Obviously, the exact amount you pay will depend on exemptions, deductions, etc.

Roughly speaking, if you early 50k, you'll pay an extra $2000 in income tax in St. Louis versus Chicago. Assuming a sales tax of 9.24% in St Louis (http://www.stlrcga.org/x495.xml), you'll need to make $200k in annual purchases of goods (not services) to pay more in combined sales and income tax in Chicago versus St. Louis. Of course, it'll be difficult to purchase 200k in goods if your salary is 50k. YMMV.
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Old 11-19-2008, 11:18 AM
 
Location: Lincoln Park
838 posts, read 3,097,029 times
Reputation: 172
I believe if you make 9k, you are living under poverty line

Quote:
Originally Posted by sukwoo View Post
Missouri has a graduated/progressive income tax with ten tax brackets.

Missouri state taxes

If you make more than 9k (minus exemptions), you are taxed at a top rate of 6%. If you work or live in St. Louis, you pay an additional income tax of 1%. So a total of 7% versus 3% in Chicago. Obviously, the exact amount you pay will depend on exemptions, deductions, etc.
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Old 11-19-2008, 11:42 AM
 
Location: Oak Park, IL
5,525 posts, read 13,950,687 times
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For comparison, in NY state, if you make between 20 and 100k, you're taxed at 6.85%. In California, if you earn $31,925, your income tax is 8%, but over $40,346, your taxed at 9%.

In Taxachussetts, there is a flat 5% income tax and 5% sales tax statewide. It sounds like a veritable tax haven in comparison.
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