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Illinois Valley Times

Wednesday, April 17, 2024

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

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New Bedford residents will have to pay $37,635 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?

CityTotal Expected Income Tax burdenTotal IncreasePer 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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