Income tax hike will cost South Beloit residents $2,671,003.16 more this year, ranked 6th in Winnebago County
LGIS combined Illinois Department of Revenue data with a forecast by Senate Democrats to estimate how much additional income tax will be paid in each Illinois city.
South Beloit's estimated increase in income tax payments ranks sixth out of 12 Winnebago County cities, with an average increase of $600.23 per person. All told, the entire Winnebago County will collectively pay an extra $68,980,999.66 in income taxes this year, according to the analysis.
Retroactive to July 1, the higher rate now 4.95 percent, up from 3.75 percent will be withheld from employee paychecks over the remaining six months of 2017.
Before the hike, someone earning $50,000 paid $72 in state income tax per paycheck. That person will now pay $95, or an additional $600 per year.
Senate Democrats estimate the tax hike will siphon $4.453 billion more this year from individual taxpayers. Businesses will pay another $1 billion.
The following table shows how cities within Winnebago County compare:
Here's how all cities within the Rockford Sun coverage area will fare under the tax hike:
The following cities will experience the highest estimated increase:
Organizations in this Story
Loves Park, IL - 61111
450 Candlewick Dr
Poplar Grove, IL - 61065
5050 E State St
Rockford, IL - 61108
404 Elm St
Rockford, IL - 61101-1244
404 Elm St. Rockford, Ill. 61101
Rockford, IL - 61101