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Friday, April 19, 2024

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

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Albion residents will have to pay $1,731,318 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 Edwards County that will be the most affected by Pritzker's proposal is Albion, with residents expected to pay an additional $1,731,318 in income taxes -- approximately $1,585 per person in the labor force. Bone Gap will pay only $134,017 more -- approximately $1,489 per person in the labor force in comparison, the least among Edwards County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Albion$4,418,337$1,731,318$1,585
Grayville$2,096,763$821,613$1,028
West Salem$1,689,248$661,929$1,591
Browns$510,309$199,964$2,631
Bone Gap$342,012$134,017$1,489

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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