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Sunday, December 22, 2024

Analysis: Income tax hike will cost Morgan County residents $7.5M more this year

Jacksonville

Jacksonville, a city in which residents are projected to experience a $5,444,109 tax increase this year. | Paul Sableman via Wikimedia Commons

Jacksonville, a city in which residents are projected to experience a $5,444,109 tax increase this year. | Paul Sableman via Wikimedia Commons

Morgan County residents will pay an additional $7,540,713 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 Morgan County communities will pay the most: Jacksonville ($5,444,109 total/$501 per person), Waverly ($518,712/$528), Franklin ($362,820/$590) and Murrayville ($328,444/$516). 

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
1Jacksonville62650$5,444,109
2Waverly62692$518,712
3Franklin62638$362,820
4Murrayville62668$328,444
5Meredosia62665$244,267
6Chapin62628$200,345
7Alexander62601$166,238
8Concord62631$105,232
9Jacksonville62651$90,745
10Woodson62695$79,800

Total

$7,540,713
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Morgan County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Alexander62601$756220
2Concord62631$731144
3Franklin62638$590615
4Waverly62692$528983
5Murrayville62668$516637
6Chapin62628$505397
7Jacksonville62650$50110,865
8Jacksonville62651$499182
9Woodson62695$409195
10Meredosia62665$393621
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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