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West Central Reporter

Friday, November 22, 2024

Analysis: Income tax hike will cost Stark County residents $1.6M more this year

Wyoming

Williams street in Wyoming, a city in which residents are projected to experience a $595,296 tax increase this year. | Nyttend via Wikimedia Commons

Williams street in Wyoming, a city in which residents are projected to experience a $595,296 tax increase this year. | Nyttend via Wikimedia Commons

Stark County residents will pay an additional $1,594,853 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 Stark County communities will pay the most: Wyoming ($595,296 total/$609 per person), Toulon ($485,756/$580), Bradford ($346,641/$590) and La Fayette ($100,338/$454). 

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
1Wyoming61491$595,296
2Toulon61483$485,756
3Bradford61421$346,641
4La Fayette61449$100,338
5Speer61479$54,025
6Castleton61426$12,797

Total

$1,594,853
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Stark County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Speer61479$64384
2Wyoming61491$609977
3Bradford61421$590588
4Toulon61483$580838
5Castleton61426$47427
6La Fayette61449$454221
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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