McHenry Times

McHenry Times

Friday, February 28, 2020

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

Politics

By Metric Media News Service | Feb 13, 2020

Money 05

Mchenry residents will have to pay $42,359,746 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 McHenry Times analysis of Illinois Department of Revenue data.

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

The city in McHenry County that will be the most affected by Pritzker's proposal is Crystal Lake, with residents expected to pay an additional $58,504,011 in income taxes -- approximately $2,589 per person in the labor force. Ringwood will pay only $965,861 more -- approximately $2,185 per person in the labor force in comparison, the least among McHenry County cities.

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

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

City
Total Expected Income Tax burden
Total Increase
Per Person Increase
Crystal Lake
$149,302,715
$58,504,011
$2,589
Mchenry
$108,102,418
$42,359,746
--
Algonquin
$78,215,518
$30,648,616
$1,707
Cary
$68,366,684
$26,789,367
$2,645
Lake In The Hills
$64,552,527
$25,294,796
--
Woodstock
$61,582,469
$24,130,984
$1,751
Huntley
$54,184,473
$21,232,092
$1,805
Marengo
$22,863,161
$8,958,890
$1,971
Spring Grove
$22,452,085
$8,797,811
$2,837
Harvard
$17,017,995
$6,668,472
$1,402
Wonder Lake
$16,705,027
$6,545,836
$2,891
Island Lake
$15,418,545
$6,041,730
$1,245
Fox River Grove
$13,195,830
$5,170,763
$1,799
Richmond
$7,723,160
$3,026,307
$2,666
Union
$3,070,765
$1,203,274
$4,593
Hebron
$2,618,776
$1,026,163
$1,476
Ringwood
$2,464,885
$965,861
$2,185

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.

Want to get notified whenever we write about City of McHenry ?

Sign-up Next time we write about City of McHenry, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

City of McHenry

More News