ILLINOIS (Patch.com) — With the 2017 tax season officially out of most Illinois residents’ minds, the focus is now on the 2018 tax year and how individual income taxes will change for residents of the Prairie State because of the Tax Cuts and Jobs Act. Most Americans began seeing changes in their paychecks earlier this year but the distribution of the individual income tax changes vary. Illinoisans are getting a slightly higher cut when compared to the rest of the country.
According to a new report from the Tax Policy Center, the new tax law will cut individual income taxes for 65 percent of households overall — an average cut of $2,200 — but raise taxes for about 6 percent of households, averaging an increase of $2,760. The cuts as a percentage of after-tax income will be the highest for high-income households and the report estimated that between 60 to 76 percent of taxpayers in every state will receive a tax cut.