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Friday, November 22, 2024

Analysis: Income tax hike will cost Iroquois County residents $6.9M more this year

Iroquois town hall on lincoln 1

Iroquois town hall, a city where residents are projected to experience a tax increase of $26,125 this year. | Wikimedia Commons

Iroquois town hall, a city where residents are projected to experience a tax increase of $26,125 this year. | Wikimedia Commons

Iroquois County residents will pay an additional $6,985,482 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 Iroquois County communities will pay the most: Watseka ($1,570,801 total/$527 per person), Clifton ($621,299/$605), Chebanse ($590,509/$525) and Milford ($516,672/$511). 

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
1Watseka60970$1,570,801
2Clifton60927$621,299
3Chebanse60922$590,509
4Milford60953$516,672
5Loda60948$486,653
6Gilman60938$438,260
7Ashkum60911$407,724
8Onarga60955$388,666
9Cissna Park60924$387,025
10Sheldon60966$268,373
11Martinton60951$212,427
12Buckley60918$210,257
13Danforth60930$189,950
14Crescent City60928$161,716
15Donovan60931$148,213
16Thawville60968$100,253
17Beaverville60912$92,934
18Wellington60973$85,627
19Woodland60974$44,743
20Iroquois60945$26,125
21Papineau60956$14,116
22Stockland60967$12,474
23Claytonville60926$10,665

Total 

$6,985,482
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Iroquois County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Loda60948$709686
2Ashkum60911$632645
3Clifton60927$6051,027
4Thawville60968$563178
5Martinton60951$528402
6Watseka60970$5272,982
7Chebanse60922$5251,124
8Buckley60918$519405
9Milford60953$5111,012
10Wellington60973$510168
11Danforth60930$509373
12Donovan60931$504294
13Cissna Park60924$493785
14Crescent City60928$462350
15Gilman60938$448979
16Onarga60955$440883
17Sheldon60966$419640
18Stockland60967$41630
19Beaverville60912$406229
20Iroquois60945$39067
21Papineau60956$36239
22Woodland60974$347129
23Claytonville60926$31434
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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