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.
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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