We recently outlined a bill introduced by Senator Patty Murray (D-WA), which would expand the EITC and pay for it in part by further limiting the deduction for executive compensation. The Senator believes that the...
- Chicago Sun-Times quotes Scott Drenkard on local sales taxes
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.”
- 45 states collect statewide sales taxes.
- 38 states collect local sales taxes.
- The five states with the highest average combined state-local sales tax rates are Tennessee (9.45 percent), Arkansas (9....
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