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Illinois is the 13th-wealthiest of the 50 United States, with a per capita income of $37,728 according to the 2020 census. Illinois counties ranked by per capita income [ edit ]
A flat income tax, which taxes all income levels at the same rate, is required by the current Illinois state constitution. [4] Illinois is one of 11 U.S. states with a flat income tax; seven states have no income tax; 32 other states use graduated income taxes, which tax higher incomes at a higher rate. [5]
The term "franchise tax" has nothing to do with the voting franchise, and franchise taxes only apply to individuals insofar as they do business. Note that some states actually levy both corporate net income taxes and corporate franchise taxes based on net income. For the following list, see [62] and. [63]
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For gross monthly income eligibility standards, your income must be no more than 130% of the poverty level. The highest income levels for fiscal year 2023 went into effect on Oct. 1, 2022.
Personal income is estimated before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes). [2] Per Capita Personal Income (PCPI) is a more inclusive estimate of the average standard of living of citizens and residents in the U.S. than measures of per capita ...
The 2024 total gross state product for Illinois was $1.132 trillion, placing it fifth in the nation. The 2021 median household income was $72,205, one of the nation's highest. [10] In 2016, the nine counties of the Chicago metropolitan area accounted for 77.3% of the state's total wages, with the remaining 93 counties at 22.7%. [11]
[2] [3] Since the 1990s, the OECD has conducted regular surveys among its 38 member countries using a standardized methodology and set of questions. [3] Per capita income is often used to measure a sector's average income and compare the wealth of different populations. Per capita income is also often used to measure a country's standard of living.