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Saturday, April 20, 2024

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

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Monticello residents will have to pay $5,970,720 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 Chambana Sun analysis of Illinois Department of Revenue data.

Pritzker claims the additional tax revenue will "eliminate the budget deficit."

The city in Piatt County that will be the most affected by Pritzker's proposal is Monticello, with residents expected to pay an additional $5,970,720 in income taxes -- approximately $1,891 per person in the labor force. Milmine will pay only $36,604 more in comparison, the least among Piatt County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Monticello$15,237,327$5,970,720$1,891
White Heath$3,062,797$1,200,152$7,274
Mansfield$2,740,903$1,074,018$2,196
Bement$2,453,427$961,371$1,067
Cerro Gordo$2,103,501$824,253$1,207
Hammond$888,204$348,041$1,634
Deland$742,987$291,138$1,004
Cisco$721,239$282,616$1,713
La Place$247,348$96,923--
Milmine$93,413$36,604--

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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