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Friday, February 21, 2020

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

Politics

By Metric Media News Service | Feb 14, 2020

Money 07

Olive Branch residents will have to pay $183,043 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 Southern Illinois News analysis of Illinois Department of Revenue data.

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

The city in Alexander County that will be the most affected by Pritzker's proposal is Cairo, with residents expected to pay an additional $397,306 in income taxes -- approximately $419 per person in the labor force. Olive Branch will pay only $183,043 more -- approximately $1,077 per person in the labor force in comparison, the least among Alexander County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Cairo
$1,013,928
$397,306
$419
Tamms
$1,009,197
$395,452
$1,798
Thebes
$792,509
$310,543
$2,043
McClure
$492,813
$193,108
--
Olive Branch
$467,127
$183,043
$1,077

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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