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Sunday, March 29, 2020

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

Politics

By Metric Media News Service | Feb 28, 2020

Money 06

Edelstein residents will have to pay $887,988 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 Peoria County that will be the most affected by Pritzker's proposal is Peoria, with residents expected to pay an additional $71,428,881 in income taxes -- approximately $1,293 per person in the labor force. Kingston Mines will pay only $66,206 more -- approximately $376 per person in the labor force in comparison, the least among Peoria County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Peoria
$182,287,089
$71,428,881
$1,293
Dunlap
$37,625,094
$14,743,328
$21,429
Chillicothe
$16,902,585
$6,623,249
$1,972
Edwards
$11,433,366
$4,480,145
--
Peoria Heights
$10,847,686
$4,250,647
$1,234
Brimfield
$8,431,963
$3,304,050
$5,975
Mapleton
$7,063,806
$2,767,940
$16,574
Princeville
$6,308,233
$2,471,870
$2,871
Hanna City
$5,183,616
$2,031,191
$3,245
Elmwood
$4,502,848
$1,764,433
$1,365
Glasford
$3,138,677
$1,229,885
$2,078
Edelstein
$2,266,153
$887,988
--
Trivoli
$1,870,239
$732,850
--
Laura
$480,520
$188,291
--
Mossville
$205,256
$80,429
--
Rome
$178,908
$70,105
$87
Kingston Mines
$168,958
$66,206
$376

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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