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.
5 Ways a Document Management Service Can Improve Your Business
5 Ways a Document Management Service Can Improve Your Business Documents can be the bane of any businessman’s existence. Documents are a fact of life in the business world. From advertisements to legal contracts to protocols, from business plans to presentations to spreadsheets, almost every person in a business has some contact with a document.…
Know the Basics of the 7 Types of Funds When You Are Sourcing For Business Funding
Know the Basics of the 7 Types of Funds When You Are Sourcing For Business Funding By Ben Ang You probably would have experienced the countless tormenting stresses and difficulties in getting the required funding for your new business ideas or products. Deep down within your heart, you know that your business idea or product…
Using Warrants in Your Private Placement Offering
Using Warrants in Your Private Placement Offering By Nick Jevic If you’re in the market raising junior capital, you’ll need to understand how warrants are used in structuring your offering. If you are floating a Private Placement of preferred stock or subordinated debt, your investors will expect to have warrants attached to their security. What…
How to Attract Business Capital – An Upstart’s Guide
How to Attract Business Capital – An Upstart’s Guide By Kenneth Jahzeal Aqwu Many aspiring entrepreneurs set out with grandiose ideas about what they hope to achieve with their newly-conceived business idea. But a few months down the road, especially as realities begin to set in, that initial fiery enthusiasm often begins to die down.…