IN COOK COUNTY IL Nation’s Highest Big-City Sales Tax Poised For Cut!
IN COOK COUNTY IL Nation’s Highest Big-City Sales Tax Poised For Cut!
CHICAGO SALES TAX RATE NOW A HEFTY 10.25% WOULD FALL TO 9.75%!
In these tough times economically cities and counties across the U.S. are searching for new ways to bridge revenue gaps that often run into the millions of dollars.
And how do County Officials and Mayors across the country deal with the revenue shortfall?
Likely you guessed it right away! Typically . . . THEY INCREASE TAXES IN THEIR JURISDICTIONS!
That happened in Cook County IL – the county that includes the City of Chicago. Last year the Cook County Board of Commissioners voted overwhelmingly to increase the Cook County General Sales Tax to as high as 10.25% within Chicago. That’s the highest stipend of any big city across the country.
County officials predicted complacent acceptance. Resignation. No drop off in tax revenues – in fact a hoped for revenue INCREASE county wide.
But they didn’t get that!
Instead there was talk of the perimeter suburbs of Chicago of seceding from Cook County. Or in this tough economy seeking out merchants just over the Cook County line in neighboring Indiana or Wisconsin or buying more over the Internet in hopes of minimizing our already-high sales tax bite.
And this week 12 of the 17 members of the Cook County Board apparently had enough. As reported by Dan P. Blake in The Chicago Tribune the commissioners voted to scale back the June 2008 10.25% tax enactment to 9.75%.
The matter is not settled however!
Embattled Cook County Board President Todd Stroger already under a county wide microscope for alleged inappropriate hiring and wasteful spending promises to veto the tax rollback. According to County Law he has six days to do so – and likely will!
And although Cook County Statutes make it difficult for the Board to overturn President Stroger’s veto – Board Rules call for an 80% approval to overturn a Board President veto – a preliminary count indicates the board will have the needed 14 of 17 votes required to get the tax brought down.
Stroger supporters fear Cook County could lose up to $140 Million in revenue if the Cook County Sales Tax is reduced from current levels. Cook County Health Department spokespeople predict $85 Million in cuts if the tax is dropped.
But most agree the current county budget does contain some "fat" needing to be trimmed – and all will be well if the Cook County Sales Tax is rolled back.
And President Stroger has another looming problem. The President is expected to face several pro-lower-tax Democratic challengers when he runs for re-election in 2010.
DEAN MOSS & DEAN’S TEAM CHICAGO
