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Chicago's ambition to become a tech hub faces challenges as Mayor Brandon Johnson proposes raising the cloud computing tax from 9% to 11% to address a $1 billion deficit. Critics warn this could deter growth and drive businesses away, complicating the city's efforts to attract tech firms amid a broader industry downturn. Despite recent investments from major companies, the tech workforce has declined by 9.5% since 2018, raising concerns about the city's competitive edge.
Lyft is urging its Chicago customers to advocate against a proposed tax on rideshares in the downtown area during weekends. The ordinance, introduced by Alderman Daniel La Spata, aims to generate up to $15 million annually to help address the city's nearly $1 billion budget deficit.
Chicago is set to sell approximately $806 million in municipal bonds this week as part of a refinancing effort to address a nearly $1 billion budget gap by year-end. The city plans to borrow $679.7 million in sales-tax-backed debt and $126.6 million in general obligation bonds on December 5, with proceeds aimed at refinancing existing debt to save money and mitigate ongoing shortfalls.
Chicago Mayor Brandon Johnson faces a pressing challenge to address the city's nearly $1 billion deficit within five weeks. His proposed property-tax hike was unanimously rejected by the city council, leading to a contentious debate with aldermen on alternative revenue solutions amid rising costs and pushback from the business community.
The Chicago City Council unanimously rejected Mayor Brandon Johnson's $300 million property tax hike aimed at closing a nearly $1 billion budget gap for next year. All 50 aldermen opposed the increase, citing rising home valuations and the need to protect city services. Johnson now faces the challenge of balancing the budget without raising property taxes, emphasizing the need for the wealthy and corporations to contribute fairly.
Chicago Mayor Brandon Johnson has proposed a $300 million property tax increase to address a nearly $1 billion budget shortfall, breaking a campaign promise. The plan aims to alleviate pension costs and avoid a 17% workforce reduction, particularly affecting police and fire departments. The budget also includes a record $570 million surplus from tax-increment financing districts to support the city's financial needs, with hearings scheduled for the city council to discuss the proposal.
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chicago's cloud computing tax threatens tech growth and innovation ambitions
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