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East Central Reporter

Thursday, April 18, 2024

Analysis: Income tax hike will cost Cumberland County residents $2M more this year

Greenupil

Greenup's Cumberland Road, a city in which residence are expected to experience a $627,306 tax increase. | Wikimedia Commons

Greenup's Cumberland Road, a city in which residence are expected to experience a $627,306 tax increase. | Wikimedia Commons

Cumberland County residents will pay an additional $2,030,831 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 Cumberland County communities will pay the most: Neoga ($707,796 total/$497 per person), Greenup ($627,306/$453), Toledo ($543,837/$497) and Jewett ($151,893/$535). 

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. 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
1Neoga62447$707,796
2Greenup62428$627,306
3Toledo62468$543,837
4Jewett62436$151,893

Total

$2,030,831

Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Cumberland County

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

RankingCommunityZipEstimated State Income Tax IncreaseAverage State Income Tax Increase
1Neoga62447$707,796$497
2Greenup62428$627,306$453
3Toledo62468$543,837$497
4Jewett62436$151,893$535
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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