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Friday, April 26, 2024

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

Fifth and main in downtown alb

Fifth Street in Albion, a city where residents are expected to experience a $788,790 tax increase. | Wikimedia Commons

Fifth Street in Albion, a city where residents are expected to experience a $788,790 tax increase. | Wikimedia Commons

Edwards County residents will pay an additional $1,401,156 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 Edwards County communities will pay the most: Albion ($788,790 total/$538 per person), West Salem ($355,770/$481), Ellery ($97,902/$616) and Browns ($92,549/$597). 

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
1Albion62806$788,790
2West Salem62476$355,770
3Ellery62833$97,902
4Browns62818$92,549
5Bone Gap62815$66,144

Total

$1,401,156

Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Edwards County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Ellery62833$616159
2Browns62818$597155
3Albion62806$5381,467
4West Salem62476$481740
5Bone Gap62815$444149
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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