Illinois Income Tax Revenue Skyrockets
By Chuck Sudo in News on Apr 17, 2012 10:05PM
Here's something to chew on for you last-minute tax filers: The Sun-Times is reporting that tax collection in Illinois increased 31.9 percent in 2011. That's the second-highest increase in the nation.
Much of the credit (or blame) goes to the increase in the personal and corporate state income tax rates. Speaking of the corporate tax rate: Is Jimmy John's still headquartered in Springfield?
There's also some good news buried in that spike in tax collections. Sales taxes increased last year, while Illinois Department of Revenue spokeswoman Sue Hofer told the Sun-Times Illinois added 30,000 jobs last year. "You don’t pay taxes if you don’t work," Hofer said.
Unless you're near the top of the food chain at CME or CBOE.