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U.S. markets recover from steep losses
CHICAGO, July 1 (UPI) -- Chicago earned a national distinction Tuesday by having the highest sales tax rate of any municipality in the country, observers said.
Cook County, which includes Chicago, bumped its sales tax rate from 0.75 percent to 1.75 percent to make up for a budget shortfall, the Chicago Tribune reported.
Because various municipalities in Illinois collect their own sales tax under authority known as "home-rule," starting Tuesday, Chicago shoppers will pay 10.25 percent sales tax.
Cook County is the only county in the state that is allowed home-rule privileges, the Chicago Sun-Times reported.
Calculating sales tax in the area might require a global positioning system: Shoppers spending $300 on taxable items in Chicago would be taxed $30.75; in nearby Oakland Park, the same purchases would be taxed $28.25 and in Libertyville, Ill., the same purchases would be taxed $19.50, the Tribune reported.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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