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Friday, November 22, 2024

Analysis: Income tax hike will cost Alexander County residents $780K more this year

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Alexander County residents will pay an additional $780,848 in state income taxes this year, according to an analysis by Local Government Information Services (LGIS).

LGIS used Illinois Department of Revenue data combined with a forecast by Senate Democrats to estimate how much additional income tax will be paid in each Illinois zip code.

The following Alexander County communities will pay the most: Cairo ($220,459 total/$271 per person), Tamms ($207,638/$396), Thebes ($150,346/$406) and McClure ($113,168/$350).

Retroactive to July 1, the higher rate — now 4.95 percent, up from 3.75 percent — will be withheld from employee paychecks over the last 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.

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How much more will your community pay?

State income taxes have increased to 4.95 percent from 3.75 percent. This chart shows how much more taxpayers in your community will pay for state government.

RankingCommunityZipEstimated State Income Tax Increase
1Cairo62914$220,459
2Tamms62988$207,638
3Thebes62990$150,346
4Mc Clure62957$113,168
5Olive Branch62969$89,238

TOTAL

$780,848
Sources: Illinois Department of Revenue; Blockshopper.com

Top income tax-paying communities in Alexander County

This chart shows the ranking of communities by highest income taxes paid in Alexander County.

RankingCommunityZipAverage State Income Tax Increase*Total Returns filed by Zip
1Thebes62990$406370
2Olive Branch62969$402222
3Tamms62988$396525
4Mc Clure62957$350323
5Cairo62914$271813
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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