Chicagoland Chamber of Commerce on the County Tax Crisis

FOR IMMEDIATE RELEASE:
February 29, 2007

Statement regarding Cook County budget
From Jerry Roper, President and CEO, Chicagoland Chamber of Commerce

"Even before this vote, the people and businesses in the Chicago region were shouldering more than $800 million in new taxes this year, and now will pay millions more to support an incredibly inefficient County government," said Jerry Roper. "Chicago now has the unfortunate notoriety of having the highest sales tax in the country, and our region will now be a more expensive place to visit, live, work and operate a business. This impacts our jobs climate and makes our region more expensive and less competitive as our country lies on the brink of recession."

"There was a true opportunity this year to build on the reforms initiated last year. Cook County officials squandered this opportunity, and instead will be adding hundreds of new employees to the county payroll. The people of our region should be outraged," Roper added.

Top National Sales Tax Rates:

Chicago 10.25% (includes 1% Cook County increase)

Memphis 9.25%

New Orleans 9.0%

New York City 8.375%

Los Angeles 8.25%

Overview of Tax Increases in the Chicago region:

November 2007: City of Chicago tax/fee increases - $270 million

January 2008: CTA/RTA .25% Sales and Real Estate Transfer Tax increases
- $530 million

February 2008: Cook County 1% Sales Tax increase - $425 million

About the Chicagoland Chamber of Commerce:

Since its founding in 1904 as the first regional chamber of commerce in the United States, the Chicagoland Chamber of Commerce's mission is to make our region the most business-friendly region in America and enhance its members' success through aggressive programs of advocacy, member benefits and services, and actionable information. The Chamber's 2,600 members employ more than 1.2 million individuals in the region. Learn more by visiting www.chicagolandchamber.org <http://www.chicagolandchamber.org/> .

Justin DeJong

Director of Communications

Chicagoland Chamber of Commerce

200 E. Randolph Street, Suite 2200

Chicago, IL 60601

312-494-6725 (office)

312-636-7666 (cell)

jdejong@chicagolandchamber.org <mailto:jdejong@chicagolandchamber.org>

***ACCREDITED AS A FIVE-STAR CHAMBER BY THE U.S. CHAMBER OF COMMERCE***

Upcoming Special Events:

March 13: Applied Innovation Series, Chamber Offices, 8-11am

March 26: The Exchange, Hyatt Regency, 5-7pm

June 9: Annual Meeting of Membership, Sheraton Chicago, 7:45-9am

August 11: Annual Corporate Golf Outing, Beverly Country Club

Visit the Events Calendar on the Chamber's website for additional information and to register for any of these events:
www.chicagolandchamber.org/sub/events.asp
<http://www.chicagolandchamber.org/sub/events.asp>

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