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Saturday, April 20, 2024

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

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New Holland residents will have to pay $319,721 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 a Sangamon Sun analysis of Illinois Department of Revenue data.

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

The city in Logan County that will be the most affected by Pritzker's proposal is Lincoln, with residents expected to pay an additional $7,510,713 in income taxes -- approximately $1,106 per person in the labor force. Lake Fork will pay only $32,680 more in comparison, the least among Logan County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Lincoln$19,167,401$7,510,713$1,106
Atlanta$3,306,696$1,295,723$1,446
Mount Pulaski$3,231,689$1,266,332$1,360
Elkhart$1,414,982$554,458$2,745
Emden$1,062,801$416,457$2,340
New Holland$815,930$319,721$2,036
Middletown$776,326$304,202$2,001
Beason$737,755$289,088$3,960
Latham$625,666$245,166$1,377
Hartsburg$608,159$238,306$1,204
Chestnut$524,192$205,404$3,735
Lawndale$95,887$37,573--
Cornland$83,584$32,752$682
Lake Fork$83,399$32,680--

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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