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Tuesday, April 23, 2024

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

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Buncombe residents will have to pay $437,788 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 Johnson County that will be the most affected by Pritzker's proposal is Vienna, with residents expected to pay an additional $1,399,587 in income taxes -- approximately $2,372 per person in the labor force. New Burnside will pay only $93,956 more -- approximately $1,917 per person in the labor force in comparison, the least among Johnson County cities.

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

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

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Vienna$3,571,758$1,399,587$2,372
Goreville$3,548,660$1,390,536$2,798
Ozark$1,296,920$508,196--
Buncombe$1,117,238$437,788$6,254
Simpson$828,221$324,537$7,727
Grantsburg$572,504$224,335--
Cypress$479,750$187,989$2,474
New Burnside$239,776$93,956$1,917

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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