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Friday, April 26, 2024

Analysis: Income tax hike will cost Moultrie County residents $3.8M more this year

Moultrie county courthouse  we

Moultrie courthouse in Sullivan, a city in which residents are projected to pay an additional $2,494,088 in income taxes this year. | Wikimedia Commons

Moultrie courthouse in Sullivan, a city in which residents are projected to pay an additional $2,494,088 in income taxes this year. | Wikimedia Commons

Moultrie County residents will pay an additional $3,812,807 in state income taxes this year, according to an analysis by Local Government Information Services (LGIS).

LGIS combined Illinois Department of Revenue data with a forecast by Senate Democrats to estimate how much additional income tax will be paid in each Illinois zip code.

The following Moultrie County communities will pay the most: Sullivan ($2,494,088 total/$684 per person), Bethany ($405,754/$476), Dalton City ($317,455/$740) and Gays ($163,851/$514). 

Retroactive to July 1, the higher rate -- now 4.95 percent, up from 3.75 percent -- will be withheld from employee paychecks over the last six months of 2017.

Before the hike, someone earning $50,000 paid $72 in state income tax per paycheck when paid twice a month. That person will now pay $95, or an additional $600 per year.

Senate Democrats estimate the tax hike will siphon $4.453 billion more this year from individual taxpayers. Businesses will pay another $1 billion.

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How much more will your community pay?

State income taxes have increased to 4.95 percent from 3.75 percent. This chart shows how much more taxpayers in your community will pay for state government.

RankingCommunityZipEstimated State Income Tax Increase
1Sullivan61951$2,494,088
2Bethany61914$405,754
3Dalton City61925$317,455
4Gays61928$163,851
5Lovington61937$431,660

Total

$3,812,807
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Moultrie County

This chart shows the ranking of communities by highest income taxes paid in Moultrie County.

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Sullivan61951$6843,647
2Bethany61914$476853
3Dalton City61925$740429
4Gays61928$514319
5Lovington61937$499865
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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