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Saturday, February 22, 2020

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

Politics

By Metric Media News Service | Feb 14, 2020

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Stark County residents will have to pay $2,492,009 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 Peoria Standard analysis of Illinois Department of Revenue data.

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

The city in Stark County that will be the most affected by Pritzker's proposal is Wyoming, with residents expected to pay an additional $1,153,608 in income taxes -- approximately $2,031 per person in the labor force. Castleton will pay only $26,559 more in comparison, the least among Stark County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Wyoming
$2,944,017
$1,153,608
$2,031
Toulon
$2,627,790
$1,029,695
$1,772
La Fayette
$491,270
$192,503
$2,115
Speer
$228,770
$89,643
--
Castleton
$67,779
$26,559
--

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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Organizations in this Story

State of IllinoisCity of WyomingVillage of LafayetteCity of Toulon

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