Income tax hike will cost Coello residents $31,317.18 more this year, ranked 15th in Franklin County
LGIS combined Illinois Department of Revenue data with a forecast by Senate Democrats to estimate how much additional income tax will be paid in each Illinois city.
Coello's estimated increase in income tax payments ranks 15th out of 15 Franklin County cities, with an average increase of $313.17 per person. All told, the entire Franklin County will collectively pay an extra $7,088,587.63 in income taxes this year, according to the analysis.
Retroactive to July 1, the higher rate now 4.95 percent, up from 3.75 percent will be withheld from employee paychecks over the remaining six months of 2017.
Before the hike, someone earning $50,000 paid $72 in state income tax per paycheck. That person will now pay $95, or an additional $600 per year.
Senate Democrats estimate the tax hike will siphon $4.453 billion more this year from individual taxpayers. Businesses will pay another $1 billion.
The following table shows how cities within Franklin County compare:
Here's how all cities within the SW Illinois News coverage area will fare under the tax hike:
The following cities will experience the highest estimated increase:
Organizations in this Story
1 Public Square
Benton, IL - 62812
204 Main St
Mound City, IL - 62963
Mulkeytown, IL - 62865
Olive Branch, IL - 62969
Opdyke, IL - 62872
North City, IL - 62825