New York City-based financial news and opinion organization 24/7 Wall St. recently released their 2013 lists of “American Cities with the Highest (and Lowest) Taxes.”
Alas, my hometown of Chicago ranked fifth on the “highest taxes” list. From the February 25 piece:
5. Chicago, Ill.
> Taxes for family earning $25,000: $3,898 (4th highest)
> Taxes for family earning $150,000: $14,814 (14th highest)
> Unemployment rate: 9.7% (12th highest)
As of 2011, Chicago residents paid the highest effective sales tax rate of any city studied, at 9.75%. This increased the tax burden for lower-income earners, who paid a higher percentage of their income in sales taxes. Partly because of the city’s sales tax, a Chicago family earning $25,000 had a state and local tax burden equal to 15.6% of their income, while for a family earning $150,000, the figure was just 9.9%. Poorer residents are also burdened by the state-level flat income tax, which was raised from 3% to 5% in 2011.
I’ll be the city’s poor don’t realize there getting screwed as bad as they are on taxes.
It looks to me these are the first 24/7 Wall St. lists of “American Cities with the Highest (and Lowest) Taxes,” so I can’t compare Chicago’s 2013 ranking to years past.
Rounding out the “top 5” on the “highest taxes” list were:
4. Louisville, KY
3. Columbus, OH
2. Philadelphia, PA
1. Bridgeport, CT
You can view this year’s “top 10” U.S. cities with the lowest tax burdens and highest tax burdens on the 24/7 Wall St. website here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
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