unreality in chicago

[alocispepraluger102]

http://www.guardian.co.uk/world/feedarticle/7351193

[BillF]

http://www.guardian.co.uk/world/feedarticle/7351193

The U.K. equivalent, V.A.T. (Value Added Tax) stands at 17.5%!

[The Magnificent Goldberg]

My heart bleeds!!!

VAT here, and in most of Europe, is 17.5% - though there are some important exceptions and exemptions. Energy is 5%; insurance is, I seem to remember, 10%. And books, food not bought in restaurants, kids clothes and land/buildings are exempt (though there are other taxes on land/building purchases).

MG

[Rosco]

Yeah, I'd gladly take 10.25%.

[Aggie87]

Does Illinois also have a state income tax, or is the sales tax the primary source of revenue for the state?

Texas has no state income tax, so we have a relatively high sales tax, to make up for it.

[Rob C]

And here I thought we already had the highest sales tax in the nation!

[Chuck Nessa]

Does Illinois also have a state income tax, or is the sales tax the primary source of revenue for the state?

Texas has no state income tax, so we have a relatively high sales tax, to make up for it.

Illinois does have an income tax.

[zen archer]

The budget is also designed to create more than 1,000 new county jobs.

It was Romney( i was not a supporter but he makes sense ,sometimes) who said in his goodbye speech

"Did you see that today, government workers make more money than people who work in the private sector. Can you imagine what happens to an economy where the best opportunities are for bureaucrats?"

I can't believe that people in our government still think its a business, creating jobs in government is

not the answer.

a thousand county jobs ?.......a 1,000 ? what are they Johnson and Johnson , do they manufacture a product?

[Tom Storer]

It was Romney( i was not a supporter but he makes sense ,sometimes) who said in his goodbye speech

"Did you see that today, government workers make more money than people who work in the private sector. Can you imagine what happens to an economy where the best opportunities are for bureaucrats?"

I can't believe that people in our government still think its a business, creating jobs in government is

not the answer.

a thousand county jobs ?.......a 1,000 ? what are they Johnson and Johnson , do they manufacture a product?

Ah, different worlds... in France the government is the largest employer, accounting for over one-sixth of total employment.

[zen archer]

It was Romney( i was not a supporter but he makes sense ,sometimes) who said in his goodbye speech

"Did you see that today, government workers make more money than people who work in the private sector. Can you imagine what happens to an economy where the best opportunities are for bureaucrats?"

I can't believe that people in our government still think its a business, creating jobs in government is

not the answer.

a thousand county jobs ?.......a 1,000 ? what are they Johnson and Johnson , do they manufacture a product?

Ah, different worlds... in France the government is the largest employer, accounting for over one-sixth of total employment.

Really ?..wow what does everyone do ?

[jazzypaul]

The budget is also designed to create more than 1,000 new county jobs.

It was Romney( i was not a supporter but he makes sense ,sometimes) who said in his goodbye speech

"Did you see that today, government workers make more money than people who work in the private sector. Can you imagine what happens to an economy where the best opportunities are for bureaucrats?"

I can't believe that people in our government still think its a business, creating jobs in government is

not the answer.

a thousand county jobs ?.......a 1,000 ? what are they Johnson and Johnson , do they manufacture a product?

Sadly, this doesn't even phase me. I'm so used to high sales taxes in Cook County that another tick isn't going to make much difference. And if I'm not mistaken, taxes on food, hotels & entertainment is already at 11% as it is.

Now, I'm hardly one of these people that says that taxes are bad. But what are those taxes buying in Chicago? Better schools? Nope. More cops or preventative measures to lessen crime? Nope. I just can't see what those extra dollars are buying in Chicago. Or the suburbs for that matter.

[Claude]

VAT here, and in most of Europe, is 17.5%

Yes, it's between 15% and 25%, which are the minimum and maximum rates fixed by the EU.

http://en.wikipedia.org/wiki/Value_added_tax

It's interesting that, while in the EU countries try to harmonize VAT rates as much as possible (and there is the same rate in the whole country), in the US the indivdual counties are allowed to fix their own level of sales tax.

[Dan Gould]

VAT here, and in most of Europe, is 17.5%

Yes, it's between 15% and 25%, which are the minimum and maximum rates fixed by the EU.

http://en.wikipedia.org/wiki/Value_added_tax

It's interesting that, while in the EU countries try to harmonize VAT rates as much as possible (and there is the same rate in the whole country), in the US the indivdual counties are allowed to fix their own level of sales tax.

Not 100% true - counties and cities are able to add fractions of percents to the state sales tax as they deem necessary. But they have to charge whatever state law calls for. Which makes me wonder what the largest bump a local or county government has approved. Has any county had the stones to bum the state tax up another 2%?

Here in Florida there is no state income tax, and sales tax isn't ridiculous - 7.5% I think - but we get to fleece the tourists to make up for it.

[Big Al]

Does Illinois also have a state income tax, or is the sales tax the primary source of revenue for the state?

Texas has no state income tax, so we have a relatively high sales tax, to make up for it.

And a "franchise tax" that businesses pay, and then pass the expense through the cost of their products. So, though it may not be a "state income tax" in name, it does exist here.

Having said that, it's still lower than any other state in the union and I wouldn't trade it for anything. Honestly, I once had dreams of living in Chicago until I started visiting there regularly in my late teens/early 20s, when I had my own money to spend. I still can't grasp how people afford to live up there. I definitely felt like the country mouse in the city. And this was just in Mount Prospect!

[jazzypaul]

Does Illinois also have a state income tax, or is the sales tax the primary source of revenue for the state?

Texas has no state income tax, so we have a relatively high sales tax, to make up for it.

And a "franchise tax" that businesses pay, and then pass the expense through the cost of their products. So, though it may not be a "state income tax" in name, it does exist here.

Having said that, it's still lower than any other state in the union and I wouldn't trade it for anything. Honestly, I once had dreams of living in Chicago until I started visiting there regularly in my late teens/early 20s, when I had my own money to spend. I still can't grasp how people afford to live up there. I definitely felt like the country mouse in the city. And this was just in Mount Prospect!

well, Al, if it makes you feel any better, we're strongly considering moving to Austin because everything is so expensive up here. For the price of our condo, we could get a house down there, have lots of live music and never have to deal with shoveling snow ever again. It's starting to seem like a really good idea.

[rpklich]

We (Cook County Residents) can salute our county politicians for this one. Starting with Cook County Board President Todd Stroger and all the County Commisioners including Jerry "Iceman" Butler. The government of Cook County is loaded with patronage worker who get their jobs through their political work (generally "working a precinct"). Thats what this tax increase is really about. So the county commisioners and their allies can stay in office.

[Big Al]

Does Illinois also have a state income tax, or is the sales tax the primary source of revenue for the state?

Texas has no state income tax, so we have a relatively high sales tax, to make up for it.

And a "franchise tax" that businesses pay, and then pass the expense through the cost of their products. So, though it may not be a "state income tax" in name, it does exist here.

Having said that, it's still lower than any other state in the union and I wouldn't trade it for anything. Honestly, I once had dreams of living in Chicago until I started visiting there regularly in my late teens/early 20s, when I had my own money to spend. I still can't grasp how people afford to live up there. I definitely felt like the country mouse in the city. And this was just in Mount Prospect!

well, Al, if it makes you feel any better, we're strongly considering moving to Austin because everything is so expensive up here. For the price of our condo, we could get a house down there, have lots of live music and never have to deal with shoveling snow ever again. It's starting to seem like a really good idea.

Yeah, you'd definitely like Austin. Just beware: the summers down here are BRUTAL. But hey, my dad's from Chicago and he wouldn't trade the hot summers for the Chicago winters at ALL.

[Tom Storer]

Really ?..wow what does everyone do ?

They're public servants. They SERVE THE PUBLIC, of course!

[J Larsen]

VAT here, and in most of Europe, is 17.5%

Yes, it's between 15% and 25%, which are the minimum and maximum rates fixed by the EU.

http://en.wikipedia.org/wiki/Value_added_tax

It's interesting that, while in the EU countries try to harmonize VAT rates as much as possible (and there is the same rate in the whole country), in the US the indivdual counties are allowed to fix their own level of sales tax.

Not 100% true - counties and cities are able to add fractions of percents to the state sales tax as they deem necessary. But they have to charge whatever state law calls for. Which makes me wonder what the largest bump a local or county government has approved. Has any county had the stones to bum the state tax up another 2%?

New York City sales tax is 8.375%. I believe that the state tax rate is only 4%.

Also, the sum total of NYS and NYC income tax comes awfully close to my federal income tax obligation, and the property taxes are nothing to sneeze at, either. They sure don't make it easy to get ahead around here.

[robviti]

when i'm in chicago i'm having my dusty groove purchases shipped home.

the city will have to make due with the tax money it earns from my numerous trips to portillo's.

hey, wait a minute, they have mail order!!!

[Chuck Nessa]

Ann and I are trying to figure out how to move back. Real estate prices are a larger concern. Michigan property is severely under priced because of the state economy and prices in Chicago keep escalating.

[marcello]

Each county in New York State sets their sales tax rate with approval of the State legislature. Here, in Monroe County, it's 8%.

My county has the highest real estate tax rate of just about all of NYS, which means in the whole country!

Chuck, the prices of real estate in Chicago should come down more after this Summer, when the housing speculator's backlog is gone. The problem for you may be finding a buyer in your market at the right time and price.

[jazzypaul]

Ann and I are trying to figure out how to move back. Real estate prices are a larger concern. Michigan property is severely under priced because of the state economy and prices in Chicago keep escalating.

well, it's not SO bad if you don't have to live in the city proper. While buying in Chicago is still pretty much insane, you can still find bargains in Forest Park, Berwyn, Brookfield, North Riverside and maybe even Elmwood Park. None of those places put you more than a half hour out of downtown, and Forest Park has an el line that'll get you there in 15 minutes. I'm assuming that prices are still lower than even these suburbs, but $225K for a bungalow in Berwyn is a far sight better than $400K for the same house on the Northwest side.

[rpklich]

Chuck,

I know this might make you cringe, but you might consider a condo. The condo market in Chicago is collapsing due to self-inflicted wounds (says Tracey Cross, who does residential real estate market analysis - she's a known name in real estate circles and neighborhood preservationist circles as well). Lots of new condos are empty and unsold where I live in Logan Square/Humboldt Park, including older rehabbed buildings. Just a thought....

Roger

[rpklich]

Chuck,

I know this might make you cringe, but you might consider a condo. The condo market in Chicago is collapsing due to self-inflicted wounds (says Tracey Cross, who does residential real estate market analysis - she's a known name in real estate circles and neighborhood preservationist circles as well). Lots of new condos are empty and unsold where I live in Logan Square/Humboldt Park, including older rehabbed buildings. Just a thought....

Roger