Income tax hike will cost Fairmount residents $359,999.48 more this year, ranked 7th in Vermilion County
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 city.
Fairmount's estimated increase in income tax payments ranks seventh out of 23 Vermilion County cities, with an average increase of $590.16 per person. All told, the entire Vermilion County will collectively pay an extra $14,281,227.61 in income taxes this year, according to the analysis.
Retroactive to July 1, the higher rate now 4.95 percent, up from 3.75 percent will be withheld from employee paychecks over the remaining 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.
The following table shows how cities within Vermilion County compare:
Here's how all cities within the East Central Reporter coverage area will fare under the tax hike:
The following cities will experience the highest estimated increase: