Illinois Valley Times

Illinois Valley Times

Saturday, February 29, 2020

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

Politics

By Metric Media News Service | Feb 12, 2020

Shutterstock 249974521

Princeton residents will have to pay $6,441,314 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 Bureau County that will be the most affected by Pritzker's proposal is Princeton, with residents expected to pay an additional $6,441,314 in income taxes -- approximately $1,595 per person in the labor force. Van Orin will pay only $37,515 more in comparison, the least among Bureau County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Princeton
$16,438,286
$6,441,314
$1,595
Spring Valley
$7,456,475
$2,921,807
$1,073
Walnut
$3,031,951
$1,188,065
$1,842
La Moille
$2,028,783
$794,975
$1,803
Ladd
$1,960,836
$768,350
$1,114
Wyanet
$1,897,311
$743,458
$1,427
Sheffield
$1,732,676
$678,946
$1,620
Tiskilwa
$1,684,974
$660,254
$1,550
Bradford
$1,665,895
$652,778
$2,079
Buda
$1,443,257
$565,538
$1,930
Ohio
$1,408,765
$552,022
$2,390
Depue
$1,273,381
$498,972
--
Neponset
$1,105,981
$433,377
$1,421
Dalzell
$916,650
$359,188
$914
Arlington
$705,278
$276,362
$2,424
Cherry
$627,097
$245,727
$1,068
Malden
$585,643
$229,483
$1,490
Mineral
$466,767
$182,902
$1,270
Manlius
$460,974
$180,632
$1,063
Seatonville
$397,381
$155,713
$865
Bureau
$236,604
$92,713
--
Dover
$117,502
$46,043
$631
New Bedford
$96,045
$37,635
$896
Van Orin
$95,739
$37,515
--

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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