News Item
09.28.2015
New Tax Study Indicates That Chicago Provides a Competitive Tax Environment for Business and Residents
CHICAGO, UPDATED, October 4, 2015 – World Business Chicago (WBC) today released a study conducted by KPMG LLP, the global audit, tax and advisory firm, which estimates the total burden of government taxes to businesses and residents in Chicago.
The KPMG study indicates that the tax burden to business is in line with other U.S. cities.
For residents, the study also indicates that for people who choose to live in the Chicago area, the tax burden in the city of Chicago is the lowest when compared to alternatives in suburban Cook, Lake, DuPage, Kane and Will counties.
Subsequent to the baseline analysis, WBC asked KPMG to conduct an analysis that compared Chicago’s tax burden on businesses and residents assuming an increase in property tax rates necessary to generate an additional $600 million in property tax revenue.
The scenario testing found that even at the $600 million additional revenue scenario, Chicago still has the lowest residential tax burden among surrounding municipalities, and the tax burden remains competitive with U.S. peer cities for business.
Estimated Tax Burden for a Professional Services Firm at $600MM additional property tax levy scenario and 1% increase in Sales Tax for Chicago
Estimated Tax Burden for a Couple (household with 2 people) with an annual income of $100,000 at $600MM additional property tax levy scenario with $14,000 homeowner exemption
Read the Executive Summary
Read the Full Study
###
Related News

Blog
NEWS
News Item
03.20.2023
Getting to Know DCASE Commissioner Erin Harkey
Tell us about where you grew up and tell a special high school memory/story. I was born and raised in Los Angeles and went to Santa Monica High School; high…

Blog
NEWS
News Item
02.28.2023
Black History Spotlight - Blake Anthony-Johnson
A Conversation with Blake-Anthony Johnson, CEO and President of Chicago Sinfonietta Blake-Anthony Johnson’s multifaceted career has included work as a performer, collaborator, recording artist, and

Blog
NEWS
News Item
02.28.2023
Black History Spotlight - Leon Walker
Meet Leon Walker Over the past 20 years, Leon I. Walker, Esq., has spearheaded cutting-edge community development projects that have generated thousands of new jobs and brought grocery stores and&hell

Blog
NEWS
News Item
02.06.2023
INVEST South/West breaks ground on its first project of the year in South Shore and brings a $100 million media campus to the area
By: Markayle Tolliver South Shore, Chicago, IL | This afternoon, Regal Mile Studios along with Mayor Lori Lightfoot, Alderwoman Michelle Harris (8th ward), Jim Reynolds, LOOP Capital CEO, and the&he