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West Central Reporter

Friday, April 19, 2024

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

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Woodson residents will have to pay $185,746 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 West Central Reporter analysis of Illinois Department of Revenue data.

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

The city in Morgan County that will be the most affected by Pritzker's proposal is Jacksonville, with residents expected to pay an additional $11,716,380 in income taxes -- approximately $1,320 per person in the labor force. Woodson will pay only $185,746 more -- approximately $1,032 per person in the labor force in comparison, the least among Morgan County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Jacksonville$29,900,297$11,716,380$1,320
Waverly$2,698,984$1,057,592$1,737
Franklin$1,925,922$754,669$2,524
Murrayville$1,788,024$700,634$3,289
Meredosia$1,286,436$504,088$1,396
Chapin$1,072,667$420,323$1,781
Alexander$841,989$329,932--
Concord$530,333$207,810$4,421
Woodson$474,025$185,746$1,032

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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