The action by Preckwinkle fulfilled “the most significant pledge” of her 2010 campaign, a promise to “eliminate the sales tax hike” created by her predecessor Todd Stroger. The most recent drop completes “the final rollback of the 1% sales tax that was implemented in 2008.”
The Cook County government reminds that “[l]owering the sales tax rate increases economic activity and increases residents’ spending power. In addition, the lower sales tax stimulates economic activity which … [leads to] job growth in Cook County.” At the same time, the county recognizes that the “reduction in the sales tax is expected to decrease revenue by approximately $86 million in FY 2013.”
According to the Cook County blog, “The cumulative effect of the sales tax cut will yield roughly $440 in savings for taxpayers.” That makes for a happy new year.