As shown in Figure 1, the Federal Government is the largest single source of revenue for the State of Illinois, due in large part to programs such as Medicaid that are jointly funded between the state and federal government. Income tax and sales tax are also large parts of the state’s revenue stream.
Where does Illinois get its revenue from?
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
What is the largest source of revenue for Illinois?
Illinois uses all major state and local taxes. Illinois’s largest sources of per capita revenue were property taxes ($2,339) and federal transfers ($1,886).
What is Illinois economy based on?
Economy. The diversified nature of its economy—strength in manufacturing, agriculture, finance, mining, transportation, government, technology, and services (including tourism)—makes Illinois a microcosm of the national economy.
What is the biggest industry in Illinois?
The most lucrative industry in Illinois was the finance, insurance, real estate, rental, and leasing industry which contributed a value of 167.91 billion chained 2012 U.S. dollars of value to the state’s GDP in 2021.
How much in debt is the state of Illinois?
U.S. Census Bureau
| [hide]Total fiscal year 2015 state debt, U.S. Census Bureau | ||
|---|---|---|
| State | Total state debt | State debt per capita |
| Illinois | $64,221,381,000 | $5,002 |
| Indiana | $22,463,710,000 | $3,397 |
| Missouri | $19,350,325,000 | $3,185 |
Does Illinois have a budget surplus?
Illinois budgets have not been balanced since 2001
On a single year cash basis, Pritzker’s budget office projects a $279 million surplus.
How does Chicago make money?
Manufacturing, printing, publishing, insurance, transportation, financial trading & services, and food processing also play major roles in the city’s economy.
Where do Illinois taxes go?
Twenty percent of the state’s 6.25 percent sales tax rate on general merchandise and 100 percent of the state’s 1.00 percent sales tax rate on qualifying food, drugs, and medical appliances is returned to local governments.
How much does Illinois tax income?
4.95 percent
Illinois has a flat 4.95 percent individual income tax rate. Illinois also has a 9.50 percent corporate income tax rate. Illinois has a 6.25 percent state sales tax rate, a 4.75 percent max local sales tax rate, and an average combined state and local sales tax rate of 8.81 percent.
Is Illinois a rich state?
Illinois has the nation’s fifth-highest GDP and is the fifth-most populous state. Illinois’s GDP is $785,671,000, and its median household income is $69,187.
Why is Illinois GDP so high?
Agriculture. Most of the state of Illinois lies outside the Chicago metropolitan area and inside the North American Corn Belt. Corn, soybeans, and other large-field crops are grown extensively. These crops and their products account for much of the state’s economic output outside Chicago.
What would happen if Chicago left Illinois?
The study also reports that Illinois without Chicago and its suburbs would be one of the poorest states in the nation in terms of economic output. The southernmost 19 counties on their own would be the poorest, sitting just above American Samoa and Puerto Rico.
What is Illinois known for making?
For all the talk about Illinois being a center of manufacturing and industry, agriculture is a major player. No other state produces as much in soybeans as Illinois. According to the state soybean association, Illinois produced 532 million bushels of the crop in 2019. Iowa was second, at 503 million bushels.
Who is the largest employer in Illinois?
Walgreens
With over 13,000 company workers statewide, Walgreens is the largest employer in Illinois, with over 70,000 employees across the country.
What is Illinois main export?
Made-in-America Manufacturing Exports from Illinois and Jobs
The state’s largest manufacturing export category is machinery, except electrical, which accounted for $11.8 billion of Illinois’s total goods exports in 2018.
Why is Illinois in financial trouble?
Illinois has a problem with rising and unsustainable pension costs that are crushing the state and threatening the economic security of current and future generations. Pension reform is the only way for the state to secure a better, more prosperous future for all Illinoisans.
What state owes the most money?
States with the Most Debt
- New York. New York has the highest debt of any state, with total debt of over $203.77 billion.
- New Jersey. New Jersey has the second-highest amount of debt in the country.
- Illinois.
- Massachusetts.
- 5. California.
Which us state has most debt?
In 2019, the federal state of California had about 506.66 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2019.
Is Illinois out of debt?
Governor Pritzker Signs Landmark Legislation Paying Off $4.1 Billion in Debt. Governor Pritzker today signed SB2803, which pays off $4.1 billion in debt and saves taxpayers hundreds of millions of dollars in interest payments.
Has Illinois debt decreased?
As of this week, the amount of Illinois’ unpaid bills dropped to $3.5 billion. That’s down $13.2 billion from a height of $16.7 billion in November 2017. “The reason it’s a good thing is businesses and others who contract with the state won’t have to wait as long to get paid.
