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Monday, December 23, 2024

Analysis: Income tax hike will cost Union County residents $3M more this year

Altopass

Alto Pass, Illinois, a city where residents are projected to pay an additional $120,578 in taxes this year. | David Wilson via Wikimedia Commons

Alto Pass, Illinois, a city where residents are projected to pay an additional $120,578 in taxes this year. | David Wilson via Wikimedia Commons

Union County residents will pay an additional $3,080,141 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 Union County communities will pay the most: Anna ($1,352,499 total/$452 per person), Jonesboro ($631,792/$454), Cobden ($557,078/$426) and Dongola ($330,980/$394). 

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 per 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
1Anna62906$1,352,499
2Jonesboro62952$631,792
3Cobden62920$557,078
4Dongola62926$330,980
5Alto Pass62905$120,578
6Wolf Lake62998$87,213

Total

$3,080,141
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Union County

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

RankingCommunityZIPAverage State Income Tax IncreaseTotal Returns filed by ZIP
1Wolf Lake62998$542161
2Jonesboro62952$4541,393
3Anna62906$4522,994
4Alto Pass62905$428282
5Cobden62920$4261,309
6Dongola62926$394839
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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