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Sunday, December 22, 2024

Analysis: Income tax hike will cost Henderson County residents $1.4M more this year

Raritan

Residents in Raritan, Illinois, are projected to pay an additional $22,373 in income taxes this year. | Mitchazenia via Wikimedia Commons

Residents in Raritan, Illinois, are projected to pay an additional $22,373 in income taxes this year. | Mitchazenia via Wikimedia Commons

Henderson County residents will pay an additional $1,402,266 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 Henderson County communities will pay the most: Oquawka ($432,631 total/$478 per person), Stronghurst ($286,970/$503), Biggsville ($190,485/$639) and Gladstone ($182,042/$501). 

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
1Oquawka61469$432,631
2Stronghurst61480$286,970
3Biggsville61418$190,485
4Gladstone61437$182,042
5Lomax61454$126,424
6Carman61425$102,814
7Media61460$58,528
8Raritan61471$22,373

Total

$1,402,266
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Henderson County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Biggsville61418$639298
2Stronghurst61480$503570
3Gladstone61437$501363
4Oquawka61469$478906
5Carman61425$457225
6Media61460$454129
7Lomax61454$393322
8Raritan61471$36761
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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