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Friday, November 22, 2024

Analysis: Income tax hike will cost Pulaski County residents $877K more this year

Olmsted village hall  front

Olmstead city hall, a city where residents are projected to experience a $94,138 tax increase this year. | Nyttend via Wikimedia Commons

Olmstead city hall, a city where residents are projected to experience a $94,138 tax increase this year. | Nyttend via Wikimedia Commons

Pulaski County residents will pay an additional $877,224 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 Pulaski County communities will pay the most: Mounds ($160,999 total/$335 per person), Karnak ($146,396/$417), Grand Chain ($141,094/$437) and Ullin ($125,368/$399). 

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 $4.453 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
1Mounds62964$160,999
2Karnak62956$146,396
3Grand Chain62941$141,094
4Ullin62992$125,368
5Villa Ridge62996$101,340
6Olmsted62970$94,138
7Pulaski62976$59,599
8Mound City62963$48,290

Total

$877,224
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Pulaski County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Grand Chain62941$437323
2Villa Ridge62996$429236
3Karnak62956$417351
4Olmsted62970$408231
5Ullin62992$399314
6Pulaski62976$357167
7Mounds62964$335480
8Mound City62963$271178
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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