South Central Reporter

South Central Reporter

Friday, February 28, 2020

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

Politics

By Metric Media News Service | Feb 12, 2020

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Sorento residents will have to pay $536,826 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 South Central Reporter analysis of Illinois Department of Revenue data.

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

The city in Bond County that will be the most affected by Pritzker's proposal is Greenville, with residents expected to pay an additional $3,971,817 in income taxes -- approximately $1,461 per person in the labor force. Pierron will pay only $117,477 more -- approximately $496 per person in the labor force in comparison, the least among Bond County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Greenville
$10,136,110
$3,971,817
$1,461
Pocahontas
$5,107,406
$2,001,328
$5,295
Sorento
$1,369,984
$536,826
$2,918
Smithboro
$658,357
$257,976
$2,632
Keyesport
$621,016
$243,344
$1,502
Donnellson
$493,060
$193,205
$3,715
Pierron
$299,802
$117,477
$496

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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