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.
How Will the New President Change Taxes for the Wealthy?
So which side are you on? Trump, Cruz, Clinton, Sanders, a write-in candidate, or are you still hoping for an optional third-party independent candidate? The fact is, when it comes to taxes, no matter which candidate you vote for, things will likely be changing for the nation’s wealthiest taxpayers in 2017. Whether or not…
Top Tips to Remember When You Can’t Pay Business Taxes
Business taxes can be a nightmare for a lot of companies; especially small businesses that are trying to stay afloat. Things can get even tougher when it comes time to file your return and you end up on the wrong side of the ledger. So what should you do if you end up owing more…
First Half of Current Fiscal Year a Record-Breaker for U.S. Treasury
It’s been another record year for the federal government so far, which is in the midst of its current fiscal year. At the end of March, when the government reached its halfway point of the 2016 fiscal year, it had already collected $1.48 trillion. One might think that this massive haul would help ease the…
Why Is Almost Half the Country Paying no Federal Income Tax?
One of the biggest tax debates that will likely always exist is whether or not the nation’s wealthy are paying enough in taxes? It’s easy for some to argue that they don’t but there are many factors that must be considered. Plus, all the while, nearly half of the country’s would-be taxpayers don’t actually pay…