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Friday, November 22, 2024

Analysis: Income tax hike will cost Monroe County residents $12.5M more this year

Mill at franklin  maeystown

Mill Street in Maeystown, a city where residents are projected to pay an additional $32,089 in income taxes this year. | Nyttend via Wikimedia Commons

Mill Street in Maeystown, a city where residents are projected to pay an additional $32,089 in income taxes this year. | Nyttend via Wikimedia Commons

Monroe County residents will pay an additional $12,567,425 in state income taxes this year, according to an analysis by Local Government Information Services (LGIS).

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 ZIP code.

The following Monroe County communities will pay the most: Waterloo ($5,948,870 total/$740 per person), Columbia ($5,704,193/$929), Valmeyer ($421,788/$650) and Fults ($342,069/$742). 

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 when paid twice a month. That person will now pay $95, or an additional $600 per year.

Senate Democrats estimate the tax hike will siphon $4.45 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
1Waterloo62298$5,948,870
2Columbia62236$5,704,193
3Valmeyer62295$421,788
4Fults62244$342,069
5Hecker62248$104,163
6Maeystown62256$32,089
7Renault62279$14,253

Total

$12,567,425
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Monroe County

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

RankingCommunityZIPAverage State Income Tax Increase*Total Returns filed by ZIP
1Columbia62236$9296,141
2Fults62244$742461
3Waterloo62298$7408,039
4Valmeyer62295$650649
5Hecker62248$498209
6Maeystown62256$48666
7Renault62279$33942
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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