Which City Has the Nation’s Highest Sales Tax Rate?
Chicago is known as the Windy city and for good reason. However, thanks to a recent vote by Cook County commissioners, where Chicago calls home, it could now be called the tax city. That’s because Chicago, which already had a sales tax rate of 9.25 percent is jumping into the double digits after county commissioners voted to raise the sales tax rate by 1 percent, to a whopping 10.25 percent, which is the highest city rate in the entire country.
The new sales tax rate will take effect on January 1 of next year, and is expected to give the sales tax in the county a $474 million boost every year. Officials said they passed the increase proposal because they need the additional funds to help fix the pension system for Cook County employees. According to Cook County officials, there is already a shortage in the retirement of about $6.5 billion and the problem is getting worse every year, as it is reportedly increasing by $360 million annually.
With the increase, Chicago will now pass four counties in Alabama that all had sales tax rates of 10 percent, to become the city with the highest rate. Time will tell if the increased sales tax income will be enough to make a difference in the pension shortfall, but Chicago can now claim it’s number ranking for a rather dubious distinction.
Jonathan Cotten on The Business of Character
Why Character Is the Ultimate Business Strategy In the rush to scale fast, dominate markets, and chase the next big exit, the word “character” often feels like an afterthought in business circles. Jonathan Cotten, however, believes it belongs at the very center of any business worth building. Cotten, CEO of Easystep Enterprises and author of The…
Faith, Freight & “Slaying the Tomb”
How the Moscrips Drove From Freight Tech to Faith-Fueled Media When Scott Moscrip launched Truckstop.com from a spare bedroom in 1995, he didn’t just build a freight-matching marketplace—he rewired a blue-collar industry for the Internet age. Thirty years, five kids, and one mayoral term later, the Idaho technologist and his wife, Carmen, are chasing an…
From the Streets to Self-Reliance
How Joseph Grenny’s Other Side Village Is Rewriting the Homelessness Playbook A 2 a.m. Alarm and a Box of World-Class Doughnuts At two o’clock each morning in downtown Salt Lake City, former rough-sleepers slip into spotless aprons, fire up industrial mixers, and begin turning out pillowy brioche rings glazed with passion-fruit icing and drizzled…
Building a Legacy: A Fireside Chat with Martin Luther King III
In a thought-provoking fireside chat at our Legacy Builder’s Conference, Martin Luther King III shared profound insights on the concept of legacy, leadership, and the moral imperatives facing society today. Speaking with Alan Olsen, he reflected on his father’s enduring impact and his own efforts to carry forward that mission in today’s world. Defining His…