Analysis: Income tax hike will cost Putnam County residents $1.7M more this year
Putnam County residents will pay an additional $1,670,201 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 Putnam County communities will pay the most: Granville ($680,401 total/$609 per person), Hennepin ($381,939/$636), McNabb ($159,349/$635) and Magnolia ($153,544/$582).
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 when paid twice a month. That person will now pay $95, or an additional $600 per year.
Senate Democrats estimate the tax hike will siphon $4.45 billion more this year from individual taxpayers. Businesses will pay another $1 billion.
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.
|Ranking||Community||ZIP||Estimated State Income Tax Increase|
Top income tax-paying communities in Putnam County
This chart shows the ranking of communities by highest income taxes paid in Putnam County.
|Ranking||Community||ZIP||Average State Income Tax Increase||Total Returns filed by ZIP|
*Assumes tax increase will meet Senate Democrats' projections.