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.
Which Tax Law Is Really Hurting Silicon Valley?
Silicon Valley is known for a lot of things. Some of the world’s greatest technological advances and ideas have come from companies located in the Silicon Valley. Likewise, some of the world’s most innovative and largest companies were born in Silicon Valley and still call it home today. Many people have found great success and…
More Proof the Wealthy Are Paying More Taxes
Depending on whom you ask, the wealthiest Americans either don’t pay enough in taxes and should be forced to pay more, or they pay way too much already and should be given a break. As with most cases, there are three sides to every story: yours, mine, and the truth. According to the Tax Foundation,…
Do You Know How to Stay Wealthy?
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How Do Profitable Traders Save on Their Taxes?
Stock trading is an up-and-down endeavor and investors can win big, lose it all or maintain an even keel. For those investors that achieve a high level of success and become profitable traders the next trick is to learn how to save on taxes. That can be a completely different game in and of itself.…