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Chambana Sun

Friday, April 3, 2020

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

Politics

By Metric Media News Service | Feb 26, 2020

Money272

Elliott residents will have to pay $125,141 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 Ford County that will be the most affected by Pritzker's proposal is Gibson City, with residents expected to pay an additional $2,721,091 in income taxes -- approximately $1,694 per person in the labor force. Elliott will pay only $125,141 more -- approximately $941 per person in the labor force in comparison, the least among Ford County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Gibson City
$6,944,247
$2,721,091
$1,694
Paxton
$6,635,569
$2,600,136
$1,265
Piper City
$1,207,330
$473,090
$1,088
Melvin
$776,413
$304,236
$1,352
Cabery
$723,755
$283,602
$2,165
Roberts
$686,769
$269,109
$1,346
Sibley
$565,239
$221,488
$1,367
Kempton
$505,394
$198,038
$2,606
Elliott
$319,361
$125,141
$941

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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