Illinois Valley Times

Illinois Valley Times

Friday, February 28, 2020

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

Politics

By Metric Media News Service | Feb 14, 2020

Money 03

Putnam County residents will have to pay $3,682,667 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 Illinois Valley Times analysis of Illinois Department of Revenue data.

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

The city in Putnam County that will be the most affected by Pritzker's proposal is Granville, with residents expected to pay an additional $1,523,414 in income taxes -- approximately $2,140 per person in the labor force. Standard will pay only $138,510 more -- approximately $1,226 per person in the labor force in comparison, the least among Putnam County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Granville
$3,887,765
$1,523,414
$2,140
Hennepin
$2,081,518
$815,639
$1,871
Putnam
$893,716
$350,201
--
Mc Nabb
$826,162
$323,730
--
Magnolia
$769,173
$301,399
$2,283
Mark
$586,382
$229,773
$636
Standard
$353,479
$138,510
$1,226

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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Organizations in this Story

State of IllinoisVillage of MarkVillage of GranvilleVillage of HennepinVillage of MagnoliaVillage of Standard

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