Cook County, Ill., President Toni Preckwinkle last week touted the repeal of a 1% sales tax increase that had made the sales tax rate in Cook and Chicago among the highest in the nation.
Preckwinkle, who campaigned on a vow to eliminate the unpopular tax, which was instituted by former President Todd Stroger, held a press conference with business leaders last week heralding the final repeal.
The repeal means the loss of roughly $440 million of annual revenue, according to officials.
The county repealed the tax hike in stages over the last two years and eliminated the final 0.25% this month. The rate is now 0.75%, down from a high of 1.75%.
“I have worked hard since taking office to ensure that families and businesses can trust county government again,” Preckwinkle said. “I kept my promise to residents to eliminate the sales tax hike, the most significant pledge of my 2010 campaign. At the same time we’ve taken significant steps to rein in spending, eliminate waste and create efficiencies.”
In the 2013 budget, the 0.25% rollback had an $86 million impact, according to the county. Cook lost more than $55 million in sales tax revenue in 2012 due to the rollback.
