State and local governments depend on many different types of taxes, one of which is known as an excise tax. Like general sales taxes, excise taxes are paid on the purchase of an item. But unlike sales taxes, excise...
- Chicago Sun-Times quotes Scott Drenkard on local sales ta...
Chicago Sun-Times quotes Scott Drenkard on local sales taxes
Change for Cook County in 2012
BY LISA DONOVAN
January 1, 2012
The next time you dine out or buy a big screen television in Cook County, you should find a little extra change in your pocket.
That’s because with the dawn of a new year, Cook County’s sales tax fell a quarter cent. In most parts of Chicago, the combined city, county and state sales tax rate falls from 9.75 percent to 9.5 percent on all retail purchases except groceries.
“Basic economics teaches us that if you lower the price of doing something, people will do more of it,” Scott W. Drenkard, an analyst with the independent Washington, D.C.-based Tax Foundation, wrote in an email to the Sun-Times.
“While Cook County may have a ways to go before it is competitive with its neighbors in Wisconsin, this is a step in the right direction.”
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