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Monday, November 25, 2024

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

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Stonefort residents will have to pay $513,808 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 SE Illinois News analysis of Illinois Department of Revenue data.

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

The city in Saline County that will be the most affected by Pritzker's proposal is Harrisburg, with residents expected to pay an additional $5,607,282 in income taxes -- approximately $1,377 per person in the labor force. Muddy will pay only $29,611 more -- approximately $1,139 per person in the labor force in comparison, the least among Saline County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Harrisburg$14,309,829$5,607,282$1,377
Eldorado$5,639,389$2,209,785$1,229
Carrier Mills$2,472,707$968,926$1,116
Galatia$2,108,831$826,342$2,175
Stonefort$1,311,242$513,808$3,294
Raleigh$744,671$291,798$1,985
Muddy$75,567$29,611$1,139

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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