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...
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- Congrats to Chicago
Congrats to Chicago
Residents of Chicago are likely to notice that goods and services cost a bit more starting yesterday. On that day, Chicago assumed the highest metropolitan sales tax rate in the nation. The new 10.25 percent rate in Cook County, approved earlier this year, was accelerated to close a budget deficit.
Additionally, dining within a special business taxing district in the heart of the city will include a sales tax bill of 11.25 percent. So, if a couple spends $100 on a romantic meal, taxes alone will be $11.25. Imagine what it would be on a big ticket item like a television or a car. Speculation that consumers will instead shop in surrounding suburbs where tax rates are much lower has already begun (see our take on it earlier this year).
Congrats go out to Chicago; they are no longer the second city when it comes to municipal tax rates.
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