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.
Illinois politicians are considering a new tax on the wealthiest residents, reminiscent of Governor JB Pritzker's previous attempt during the pandemic, which was thwarted by billionaire Ken Griffin. Despite Griffin's departure to Florida, the proposal could further strain relations with affluent individuals in financially struggling Chicago.
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