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Report Shows Sales Tax Revenues Down in Cook County
Produced by Tony Arnold on Wednesday, November 04, 2009
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A new report shows sales tax revenues are down significantly in Cook County.
The report from DePaul University shows suburban sales tax collections dropped 14 percent in the second quarter compared to the same time last year. Professor Joe Schwieterman says the recession is only part of the reason.
SCHWIETERMAN: There's some psychological effect from that sales tax.
A public battle has ensued since Cook County commissioners raised the sales tax one percentage point last year. Schwieterman says many consumers along Cook County's border go over the county line to shop. Still, sales tax receipts in the collar counties are down as well.
SCHWIETERMAN: The margin of difference between Cook and some of the suburban counties does make us quite concerned about buying habits shifting.
Schwieterman says businesses in the City of Chicago collected nine percent less in sales tax revenues than last year's second quarter. Chicago has the highest sales tax rate of any major U.S. city.
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