Am I paying too much in taxes in Illinois?

In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass. The economy shrank in the first half of this year, underscoring fears…

In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass. The economy shrank in the first half of this year, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits fell to a five-month low. Inflation, meantime, remains near its highest level in four decades, though gas costs and other prices have eased in recent weeks. (AP Photo/Elise Amendola, File)

by: John Clark

Posted: Feb 1, 2023 / 12:02 PM CST

Updated: Feb 1, 2023 / 12:08 PM CST

ROCKFORD, Ill. (WTVO) — According to a study from 2022, Illinois’ state and local taxes have risen from 11.2% in 2019 to 12.9% in 2022.

Illinois’s tax burden now ranks the 7th highest in the U.S. Only New York, Connecticut, Hawaii, Vermont, California, and New Jersey pay more.

Most recent research finds that Illinois’ property taxes, which are often the largest burden for residents, are the second highest in the nation.

Illinois also ranks second highest in gas taxes. According to AAA, gas prices in Illinois are the highest in the Midwest.

Illinois is among seven states planning to introduce a wealth tax, which could also impact small businesses and farmers.

Critics of the plan believe the wealth tax will drive entrepreneurs out of the state.

Additionally, an Illinois lawmaker is preparing a new effort to enact a graduated income tax.

Illinois voters defeated a graduated income tax plan in 2020. The bill was pushing for a graduated income tax where the more you make, the more you’ll pay in taxes. Right now, the state’s income tax is run under a flat tax where every income level is taxed at the same rate.

Sen. Rob Martwick (D-Chicago) said “If you really believe in something, you don’t give up after one loss,” Marwick said. “It’s the right thing to do,” according to Crain’s.