East Central Reporter

East Central Reporter

Friday, April 3, 2020

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

Politics

By East Central Reporter Reports | Mar 12, 2020

Money 04

Cowden residents will have to pay $419,832 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 Shelby County that will be the most affected by Pritzker's proposal is Shelbyville, with residents expected to pay an additional $3,795,035 in income taxes -- approximately $1,536 per person in the labor force. Lakewood will pay only $170,899 more -- approximately $85 per person in the labor force in comparison, the least among Shelby County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Shelbyville
$9,684,960
$3,795,035
$1,536
Moweaqua
$4,200,098
$1,645,801
$1,745
Windsor
$2,087,696
$818,060
$1,538
Stewardson
$1,644,244
$644,294
$1,958
Findlay
$1,538,169
$602,729
$1,794
Tower Hill
$1,480,178
$580,005
$1,813
Strasburg
$1,206,873
$472,911
$1,561
Herrick
$1,196,197
$468,728
$3,939
Cowden
$1,071,414
$419,832
$1,742
Oconee
$586,558
$229,842
$2,673
Mode
$451,798
$177,036
--
Lakewood
$436,135
$170,899
$85

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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Village of Cowden

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