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South West Illinois News

Monday, February 24, 2020

Analysis: How much more will Valmeyer residents pay in income taxes?

Politics

By South West Illinois News Reports | Feb 14, 2020

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Valmeyer residents will have to pay $940,398 more in state income taxes if Gov. J.B. Pritzker's proposed tax hike is to generate the $10.3 billion in additional tax revenue that he has promised, according to a SW Illinois News analysis of Illinois Department of Revenue data.

Pritzker claims the additional tax revenue will "eliminate the budget deficit."

The city in Monroe County that will be the most affected by Pritzker's proposal is Waterloo, with residents expected to pay an additional $13,991,389 in income taxes -- approximately $2,654 per person in the labor force. Renault will pay only $29,962 more in comparison, the least among Monroe County cities.

The following table shows how other cities in Monroe County are affected.

How much more will residents from Monroe County pay on the proposal?

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Waterloo
$35,706,139
$13,991,389
$2,654
Columbia
$34,231,459
$13,413,538
$2,328
Valmeyer
$2,399,903
$940,398
$1,294
Fults
$2,045,914
$801,688
$61,668
Hecker
$635,991
$249,212
$997
Maeystown
$170,032
$66,627
$803
Renault
$76,464
$29,962
--

Per person increases have been calculated using the most recent data about people in the labor force as provided by the U.S. Census Bureau's ongoing American Community Survey.

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Village of Valmeyer

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