Peoria Standard

Peoria Standard

Monday, February 24, 2020

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

Politics

By Metric Media News Service | Feb 13, 2020

Shutterstock 434242897

Cuba residents will have to pay $953,166 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 Fulton County that will be the most affected by Pritzker's proposal is Canton, with residents expected to pay an additional $6,464,224 in income taxes -- approximately $1,127 per person in the labor force. Fiatt will pay only $27,220 more in comparison, the least among Fulton County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Canton
$16,496,753
$6,464,224
$1,127
Farmington
$4,051,823
$1,587,700
$1,179
Lewistown
$3,905,200
$1,530,246
$1,405
Cuba
$2,432,488
$953,166
$1,687
Astoria
$1,770,627
$693,817
$1,788
Table Grove
$1,294,693
$507,323
$2,537
Ipava
$964,156
$377,803
$1,294
Fairview
$931,105
$364,852
$1,600
London Mills
$925,550
$362,675
$2,049
Vermont
$791,148
$310,010
$785
Smithfield
$631,109
$247,299
$3,805
Saint David
$483,384
$189,413
--
Ellisville
$454,854
$178,234
$3,495
Marietta
$453,576
$177,733
$4,335
Dunfermline
$265,845
$104,171
$833
Norris
$212,610
$83,311
$1,004
Bryant
$196,569
$77,025
$642
Liverpool
$97,980
$38,393
$619
Fiatt
$69,466
$27,220
--

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.

Want to get notified whenever we write about City of Cuba ?

Sign-up Next time we write about City of Cuba, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

City of Cuba

More News