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Sunday, December 22, 2024

Analysis: Income tax hike will cost Massac County residents $2.4M more this year

Market at seventh in metropoli

Market Street in Metropolis, a city where residents are projected to experience a $1,975,535 tax increase this year. | Nyttend via Wikimedia Commons

Market Street in Metropolis, a city where residents are projected to experience a $1,975,535 tax increase this year. | Nyttend via Wikimedia Commons

Massac County residents will pay an additional $2,379,041 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.

Massac County communities will pay the following: Metropolis ($1,975,535 total/$439 per person), Brookport ($368,480/$379), and Joppa ($35,026/$269). 

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
1Metropolis62960$1,975,535
2Brookport62910$368,480
3Joppa62953$35,026

Total

$2,379,041
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Massac County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Metropolis62960$4394,502
2Brookport62910$379973
3Joppa62953$269130
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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