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Thursday, April 18, 2024

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

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Stockton residents will have to pay $1,671,725 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 NW Illinois News analysis of Illinois Department of Revenue data.

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

The city in Jo Daviess County that will be the most affected by Pritzker's proposal is Galena, with residents expected to pay an additional $4,945,607 in income taxes -- approximately $2,653 per person in the labor force. Nora will pay only $265,662 more -- approximately $3,201 per person in the labor force in comparison, the least among Jo Daviess County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Galena$12,621,229$4,945,607$2,653
East Dubuque$7,904,350$3,097,306$3,568
Stockton$4,266,256$1,671,725$1,667
Elizabeth$2,437,591$955,166$2,206
Warren$1,881,782$737,373$1,112
Scales Mound$1,511,069$592,110$2,169
Apple River$1,303,696$510,851$2,398
Hanover$1,161,972$455,317$1,478
Nora$677,972$265,662$3,201

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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