In total, millionaires made up just a tiny 0.3 percent of Illinoisâ 6.25 million tax filers. Given the state's reputation for hoops – NBA legend Larry Bird was known as the Hick from French Lick (Indiana) – it should come as no surprise that athletes and sports competitors are among the best-paid professions there. As of 2020, over half of the members of Congress were millionaires and the median net worth of members was approximately $1 million. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend." 1 on the list of Kiplinger's most tax-friendly swtates. Taxes can be brutal, too. Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. Nike (NKE) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut. The 9.9% rate is applied to taxable income over $125,000 ($250,000 for married couples filing jointly), and the lowest bracket is already 5%. That's up from 6.21% in 2018 and just 5.81% in 2017. Steep local income levies make Maryland a decidedly tax-unfriendly state. DuPage County employees have a history of hefty salaries and pensions. Junior college power couple Dale Chapman ($491,095) and Linda Terrill Chapman ($242,070) combined for a $733,000 income at Lewis and Clark Community College. Arkansas might not be bristling with millionaires, but it has the lowest living cost in the U.S., at 14.7% less than the national average. Illinois has a higher concentration of millionaires than the national average, and a million bucks goes a bit farther in the Prairie State than it does in much of the rest of the country. Three of the highest earners within the municipal pension system. Overall, it's 8.1% cheaper to live in Wisconsin than the country as a whole. Overall, Michigan is 7.6% cheaper than the national average, led by lower prices for houses and groceries. There's no sales tax in the Granite State, either. 272 pages. Illinois' economic woes are one reason why it makes the list; it's 50th in the latest ranking of states' fiscal health by the Mercatus Center at George Mason University – and residents are paying the price with higher taxes. Again, comparatively low home prices lead the way in making the state affordable. If youâre really interested in the best and most recent data youâve come the the right place. Sales taxes lean high, and in some areas, groceries are taxed as well. Kansas has more than 66,000 millionaire households out of a total of about 1.1 million households, but the state is known more for affordable living than for conspicuous consumption. Adam Andrzejewski (say: And-G-F-ski) is the CEO/Founder of OpenTheBooks.com. Thanks to low consumer prices and light taxes, Mississippi also is the second-least expensive state. Regardless of wealth, Nebraskans can take comfort in a cost of living that's 10.5% lower than the national average, according to the BEA. Millionaire households: 1,147,251. Alabama is another state where you don't need a million bucks to live well. North Carolina has been shaking up its tax structure, switching out graduated income tax brackets for a flat tax and capturing more services with its sales tax. Our mission: âEvery Dime, Online, In Real Time.â Last year we filed 40,000 FOIA requests and captured $6 trillion in government spending (2020). 02/24/2015 03:36 pm ET Updated Apr 25, 2015 After Gov. Although only 4.9% of its 1.9 million households hit the millionaire threshold, some of the cheapest home prices in the country help spread the wealth. Social Security benefits are subject to tax by the state, as are retirement account distributions and pension payouts. The state's cost of living is 3% higher than the national average, according to the BEA. There are fewer than 32,000 millionaire households in Maine – a state in which rich and poor alike face relatively high living costs and taxes. And more than 5% of the state's households can claim millionaire status. California. Thereâs much information published about millionaires thatâs inaccurate or poorly researched. The below table shows the fortunes of the worldâs 10 richest people, comparing the numbers from March 5, 2019 to the most recent data from April 22, 2020. Our mission: âEvery Dime, Online, In Real Time.â Last year we filed 40,000 FOIA requests and. Brian Dorn pulled down $247,071 at North Shore Water Reclamation while Edward Stevenson made $214,856 at the Forest Preserve of DuPage County. That means everyone's paycheck, whether they're a millionaire or not, goes further than it does elsewhere. Heck, petroleum engineers are some of the best-paid professionals in the state. New York State has the third-most millionaire households in raw numbers after California and Texas. That's one out of every 18 households. Also like Connecticut, the Garden State is pricey and taxes are high. Mapping the Illinois $100,000 Club -- 110,000 six-figures public employee salary and pension records ... [+] by ZIP Code. Retirees will be happy to know that the tax on Social Security income is in the process of being phased out over a three-year period. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. At the close of 2019, there were an unprecedented 11 million American millionaires, a reflection of the longest bull market in history thanks to ⦠The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. California boasts numerous metro areas – including Napa, San Francisco, San Jose and Oxnard – that are loaded with wealth. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. Daley made $149,009 per year in state lawmaker pension payouts after a short eight-year career as a state senator plus another $83,784 per year in city pension payouts for his 22 years as the mayor of Chicago. Property taxes are quite low, but sales taxes take a toll. That was also the case from 2014 to 2018. Arkansas is not tax-friendly. Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. Housing, in particular, is pricey.
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