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Tuesday, April 30, 2024

Analysis: Income tax hike will cost Vermilion County residents $14.2M more this year

Danvilleil

Danville, Illinois, residents will pay an estimated $5M in additional income taxes this year.

Danville, Illinois, residents will pay an estimated $5M in additional income taxes this year.

Vermilion County residents will pay an additional $14,281,228 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 Vermilion County communities will pay the most: Danville ($5,334,398 total/$405 per person), Danville ($1,851,825/$611), Hoopeston ($963,289/$395) and Westville ($864,842/$418). 

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
1Danville61832$5,334,398
2Danville61834$1,851,825
3Hoopeston60942$963,289
4Westville61883$864,842
5Georgetown61846$780,775
6Oakwood61858$730,026
7Catlin61817$638,714
8Fairmount61841$359,999
9Rossville60963$358,305
10Potomac61865$325,045
11Tilton61833$315,822
12Bismarck61814$300,475
13Fithian61844$292,099
14Ridge Farm61870$230,556
15Sidell61876$165,095
16Rankin60960$164,564
17Alvin61811$149,621
18Indianola61850$112,632
19Allerton61810$109,345
20Armstrong61812$83,667
21Henning61848$43,950
22East Lynn60932$39,159
23Collison61831$36,841
24Muncie61857$30,183

Total

$14,281,228
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Vermilion County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1East Lynn60932$95541
2Allerton61810$729150
3Fithian61844$638458
4Danville61834$6113,030
5Fairmount61841$590610
6Catlin61817$5651,131
7Sidell61876$562294
8Bismarck61814$551545
9Collison61831$54268
10Potomac61865$532611
11Indianola61850$514219
12Alvin61811$514291
13Oakwood61858$5141,421
14Armstrong61812$486172
15Henning61848$45896
16Rossville60963$454790
17Rankin60960$441373
18Ridge Farm61870$441523
19Westville61883$4182,071
20Muncie61857$41373
21Danville61832$40513,171
22Georgetown61846$4011,945
23Hoopeston60942$3952,441
24Tilton61833$351900
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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