Stop wandering where your money is going!
- Ashley Thomas
- Oct 28, 2017
- 2 min read
Every wander why you have to box bills by the end of the month... taking punches-in-bunches just trying to make it to the next bell or round! I did! But, once I stopped wandering where my money was going and did some real research, my financial situation improved significantly. I complied some good information below to share with you in this informative post. (Ex. Chicago, IL)
These are the tax percentages and dollar amounts of the money we pay in taxes as consumers in Illinois and the city of Chicago in this example. First, lets start with the state of Illinois taxes and additional city and county taxes will be in parenthesis as follows: 3.75%-income tax, 8.75%-sales tax(6.25%-IL , plus 0.75%-Will County, plus 1.75%-Joliet), 1.73%-property tax, 6.25%-gas tax(Add an additional $0.11 per gallon of gas for the Cook County and Chicago tax), $1.98-cigarette tax per pack(Combined federal, state, and local tax in the City of Chicago comes to $7.17 tax per pack), $0.23 tax per gallon of beer, $1.39 tax per gallon of wine, and $8.55 tax per gallon of spirits(Ex. $20 bottle of Vodka purchased in Chicago... add $1.03 in Chicago and Cook County taxes to the state tax of $8.55 per gallon, then add an additional $2.25 for the city of Chicago's 10.25% tax rate... and you are paying a whopping 28% tax on spirits in the city of Chicago!). For more information go to TAX TIPS at www.SolidTaxServices.com, www.illinoispolicy.org, and www.revenue.state.il.us
In leaving, I would also like to point out that our President(Trump) may very well lower federal taxes, but that has little or no effect on your state, county, and municipal taxes. Please fill free to leave your questions, comments, and concerns. Thank you.
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