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Saturday, November 23, 2024

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

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Matherville residents will have to pay $345,590 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 Rock Island Today analysis of Illinois Department of Revenue data.

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

The city in Mercer County that will be the most affected by Pritzker's proposal is Aledo, with residents expected to pay an additional $2,722,074 in income taxes -- approximately $1,703 per person in the labor force. Preemption will pay only $105,325 more in comparison, the least among Mercer County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Aledo$6,946,755$2,722,074$1,703
Sherrard$4,761,277$1,865,698$4,833
Viola$2,043,273$800,653$1,799
New Boston$1,675,802$656,660$3,333
New Windsor$1,569,694$615,082--
Reynolds$1,556,819$610,037$2,328
Joy$1,153,293$451,916$1,883
Matherville$881,948$345,590$784
Keithsburg$639,490$250,583$956
Seaton$589,511$230,999$2,243
North Henderson$385,636$151,111$1,757
Preemption$268,790$105,325--

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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