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Sunday, April 5, 2020

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

Politics

By East Central Reporter Reports | Feb 14, 2020

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Flora residents will have to pay $2,764,642 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 an East Central Reporter analysis of Illinois Department of Revenue data.

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

The city in Clay County that will be the most affected by Pritzker's proposal is Flora, with residents expected to pay an additional $2,764,642 in income taxes -- approximately $1,138 per person in the labor force. Ingraham will pay only $163,425 more in comparison, the least among Clay County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Flora
$7,055,389
$2,764,642
$1,138
Louisville
$3,295,023
$1,291,149
$2,522
Xenia
$1,906,976
$747,245
$3,207
Clay City
$1,668,914
$653,961
$1,853
Edgewood
$948,232
$371,563
$1,480
Ingraham
$417,062
$163,425
--

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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