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Friday, April 19, 2024

Analysis: Income tax hike will cost Hardin County residents $632K more this year

Main street  elizabethtown

Main Street in Elizabethtown, where residents are projected to experience a $263,749 tax increase this year. | Nyttend via Wikimedia Commons

Main Street in Elizabethtown, where residents are projected to experience a $263,749 tax increase this year. | Nyttend via Wikimedia Commons

Hardin County residents will pay an additional $631,828 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.

Hardin County communities will pay these amounts: Elizabethtown ($263,749 total/$457 per person), Cave-In-Rock ($184,807/$570) and Rosiclare ($183,273/$460). 

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 $4.45 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
1Elizabethtown62931$263,749
2Cave-In-Rock62919$184,807
3Rosiclare62982$183,273

Total

$631,828

Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Hardin County

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

RankingCommunityZIPAverage State Income Tax IncreaseTotal Returns filed by ZIP
1Cave-In-Rock62919$570324
2Rosiclare62982$460398
3Elizabethtown62931$457577
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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