Quote:
Originally Posted by moorhosj1
This information is not correct. The state absolutely lost tax revenue in 2020 compared to 2019 and 2022 revenue is up from 2019.
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Here's the actual data:
https://www2.illinois.gov/rev/resear...s/default.aspx
Individual income tax collected by the state, April of each year
2022: $4,891,640,292.24
2021: $2,586,773,187.77
2020: $2,041,827,602.71
2019: $3,724,596,181.17
2018: $2,859,723,340.92
2017: $1,974,525,799.01
Individual income tax collected by the state, Jan thru April of each year
2022: $11,854,788,598.48
2021: $3,476,062,268.58
2020: $7,914,200,960.53
2019: $9,350,674,785.05
2018: $8,427,361,792.50
2017: $5,988,528,337.15
Obviously inflation can factor into this a little bit but that's a 26.8% increase in income tax revenue Jan-April 2022 vs. Jan-April 2019. I think that on average things are 12% or 13% more expensive now vs. 2019. If everyone got inflationary increase of wages since 2019 and no growth in tax base then we've expect to see around $10.5B but we're seeing close to $11.9B. We'll see how much is wage growth or a lot more higher paying jobs vs. something else. May data will be interesting.
Business Income Tax collected by the state
April 2022: $3,721,170,959.82
April 2021: $1,986,781,069.72
April 2020: $731,011,739.63
April 2019: $1,505,438,243.02
April 2018: $1,024,728,651.56
April 2017: $803,597,392.68