Cook County, Illinois, home to Chicago and several of the city’s major suburbs, has experienced a decline in population since 2000. A recent comparative study showing that Illinois imposes the greatest tax burden of any state on its residents may explain why. That study also ignores Chicago’s “Netflix” tax and near-highest-in-the-nation sales tax rate. In a state notorious for financial mismanagement, a shrinking tax base and tentative growth in home prices only pose further challenges.
Source: FRED
Cole Turner is an MBA student at Oxford University.
Interested in real economic insights? Want to stay ahead of the competition? Every Wednesday, e21 delivers a short email that includes e21 exclusive commentary and the latest market news and updates from around the Web. Sign up for the e21 Weekly eBrief.
Photo by DNY59/iStock