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Friday, November 22, 2024

Analysis: Income tax hike will cost Whiteside County residents $14M more this year

Morrison il downtown1 1

Downtown Morristown, a city where residents are projected to experience a $1,835,322 tax increase | I, IvoShandor via Wikimedia Commons

Downtown Morristown, a city where residents are projected to experience a $1,835,322 tax increase | I, IvoShandor via Wikimedia Commons

Whiteside County residents will pay an additional $14,086,093 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 Whiteside County communities will pay the most: Sterling ($5,201,688 total/$528 per person), Rock Falls ($2,691,123/$435), Morrison ($1,835,322/$534) and Fulton ($1,642,795/$637). 

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
1Sterling61081$5,201,688
2Rock Falls61071$2,691,123
3Morrison61270$1,835,322
4Fulton61252$1,642,795
5Prophetstown61277$807,399
6Erie61250$709,627
7Tampico61283$368,181
8Albany61230$301,395
9Lyndon61261$203,199
10Deer Grove61243$188,738
11Fenton61251$109,471
12Galt61037$27,155

Total

$14,086,093
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Whiteside County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Deer Grove61243$1,586119
2Fulton61252$6372,577
3Fenton61251$626175
4Tampico61283$576639
5Erie61250$5711,242
6Prophetstown61277$5501,468
7Albany61230$535563
8Morrison61270$5343,439
9Sterling61081$5289,850
10Lyndon61261$449453
11Rock Falls61071$4356,190
12Galt61037$40567
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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