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Sunday, April 28, 2024

Analysis: Proposed K-12 budget would cost North Egypt residents $27.5M more in income taxes

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Pexels.com

Pexels.com

North Egypt residents would pay $27,499,046 more in state income taxes if the state agrees to increase school funding by $7.2 billion, according to a North Egypt News analysis of Illinois Department of Revenue data.

Superintendent Tony Smith called for increasing K-12 public schools funding to $50 billion next year, or $27,000 per student. Smith hasn’t said where he expects the new money to come from.

The state raised income taxes by 32 percent just six months ago, in part to fund a new school spending plan. If the superintendent's plan goes through unchanged, Macedonia residents would see the largest average increase in North Egypt at $966 per household.

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How much more will your community pay?

CityZipCurrent income taxIncome tax under proposed planIncrease by zip codeAverage household increase
Macedonia62860$683,331$925,751$242,420$966
Woodlawn62898$2,559,071$3,466,929$907,858$950
Scheller62883$732,264$992,042$259,778$934
Mt. Vernon62864$26,928,000$36,481,006$9,553,006$927
Mulkeytown62865$2,182,153$2,956,296$774,143$915
Walnut Hill62893$1,137,827$1,541,484$403,657$913
Waltonville62894$1,023,248$1,386,257$363,009$888
Thompsonville62890$2,727,308$3,694,851$967,543$882
Benton62812$10,890,000$14,753,348$3,863,348$872
Belle Rive62810$1,068,204$1,447,161$378,957$861
Texico62889$849,322$1,150,629$301,307$835
Ewing62836$712,004$964,596$252,592$831
Dix62830$1,310,517$1,775,437$464,920$830
Valier62891$588,855$797,758$208,903$822
Whittington62897$435,633$590,178$154,545$822
West Frankfort62896$10,692,000$14,485,105$3,793,105$800
Sesser62884$2,710,008$3,671,414$961,406$796
Bluford62814$1,878,431$2,544,826$666,395$782
Royalton62983$1,239,282$1,678,931$439,649$762
Opdyke62872$1,024,054$1,387,348$363,294$757
Ina62846$598,507$810,834$212,327$753
Bonnie62816$1,135,856$1,538,813$402,957$752
Christopher62822$2,260,924$3,063,011$802,087$701
Freeman Spur62841$173,964$235,680$61,716$664
Logan62856$201,405$272,856$71,451$644
Zeigler62999$1,117,859$1,514,431$396,572$643
Buckner62819$310,656$420,865$110,209$633
Coello62825$158,272$214,421$56,149$561
Orient62874$185,314$251,057$65,743$530

Total$27,499,046

Sources: Illinois Department of Revenue; Blockshopper.com; Illinois State Board of Education

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