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Peoria Standard

Tuesday, April 16, 2024

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

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Sparland residents will have to pay $835,546 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 Marshall County that will be the most affected by Pritzker's proposal is Lacon, with residents expected to pay an additional $1,443,357 in income taxes -- approximately $1,613 per person in the labor force. Camp Grove will pay only $41,643 more in comparison, the least among Marshall County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Lacon$3,683,459$1,443,357$1,613
Henry$3,400,360$1,332,425$1,138
Sparland$2,132,320$835,546$3,941
Toluca$1,962,685$769,075$1,269
Wenona$1,745,370$683,920$1,308
Varna$1,476,924$578,730$2,679
La Rose$147,889$57,950$1,114
Camp Grove$106,273$41,643--

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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