State: 2.87% of Kane County Residents Would Pay More Under Proposed ‘Fair Tax’
It might be the “1 percent” that the state of Illinois’ proposed Fair Tax is targeting to generate $3.4 billion in new income taxes, but in Kane County, it’s the 2.87 percent, according to data released today (Thursday, March 28, 2019) by the state of Illinois.
Statewide, 97 percent of Illinois taxpayers will pay the same or less in state income taxes under Gov. JB Pritzker’s fair tax plan, with about 3 percent of taxpayers paying more, the state news release said.
County-level data shows that in more than half of the state’s 102 counties, less than 1 percent of filers will pay more.
The news release says 97.13 percent of Kane County residents would pay the same or less in state income taxes — which, of course, equates to 2.87 percent paying more. In Kane County, the number of “millionaires paying the top rate” would be .23 percent.
“The new county-level data illustrates how a vast majority of communities stand to do even better than the statewide average if the governor’s fair tax is adopted,” administrators said.
Among Kane County’s neighbors, Lake County taxpayers appear to be hit hardest, with 93.44 percent paying the same or less and 6.56 percent paying more. About .86 percent of Lake County taxpayers would pay the top state income tax rate.
DuPage County’s stats show 94.77 percent paying the same or less, or 5.23 percent paying more. Taxpayers paying the “top rate” in DuPage would number 2,460, or .55 percent.
- Want to know how the proposed tax would affect you? Click this link for the state of Illinois’ Fair Tax Calculator.
Below is a comparison, as provided by the state.
‘Fair Tax’ Comparison of Counties Near Kane
A few comparison counties are below:
- Adams County (Quincy): 98.44% of taxpayers will pay the same or less while millionaires who make up only 0.15% of the county will pay the top rate.
- Champaign County (Champaign, Urbana): 98.12% of taxpayers will pay the same or less while millionaires who make up only 0.15% of the county will pay the top rate.
- Cook County (Chicago, Schaumburg): 96.78% of taxpayers will pay the same or less while millionaires who make up only 0.40% of the county will pay the top rate.
- Jackson County (Murphysboro, Carbondale): 98.87% of taxpayers will pay the same or less while millionaires who make up only 0.11% of the county will pay the top rate.
- Kankakee County (Kankakee, Manteno): 99.09% of taxpayers will pay the same or less while millionaires who make up only 0.07% of the county will pay the top rate.
- LaSalle County (Ottawa): 99.06% of taxpayers will pay the same or less while millionaires who make up 0.08% of the county will pay the top rate.
- Macon County (Decatur): 98.49% of taxpayers will pay the same or less while millionaires who make up 0.15% of the county will pay the top rate.
- Madison County (Edwardsville, Granite City): 98.72% of taxpayers will pay the same or less while millionaires who make up 0.10% of the county will pay the top rate.
- McHenry County (Crystal Lake, Woodstock): 97.59% of taxpayers will pay the same or less while millionaires who make up 0.19% of the county will pay the top rate.
- McLean County (Bloomington): 97.94% of taxpayers pay the same or less while millionaires who make up 0.18% of the county will pay the top rate.
- Peoria County (Peoria): 97.32% of taxpayers pay the same or less while millionaires who make up 0.22% of the county will pay the top rate.
- Rock Island County (Moline, Rock Island): 99.07% of taxpayers will pay the same or less while millionaires who make up 0.11% of the county will pay the top rate.
- Sangamon County (Springfield): 98.13% of taxpayers will pay the same or less while millionaires who make up 0.13% of the county will pay the top rate.
- St. Clair County (Belleville): 98.80% of taxpayers pay the same or less while millionaires who make up 0.10% of the county will pay the top rate.
- Vermillion County (Danville): 99.42% of taxpayers will pay the same or less while millionaires who make up 0.05% of the county will pay the top rate.
- Winnebago County (Rockford): 98.89% of taxpayers will pay the same or less while millionaires who make up 0.08% of the county will pay the top rate.
Of the 5.68 million filers in tax year 2016, less than 18,000 millionaires will pay the top rate while 5.52 million taxpayers — 97 percent statewide — will pay the same or less in state income taxes.
SOURCE: State of Illinois news release
Read More
UPDATE: State Proposes ‘Fair Tax’ Plan To Generate $3.4 Billion Income Tax Revenue