Chicago's budget battles have intensified as Mayor Brandon Johnson presents what is expected to be the final pitch to the city council members. Aimed at addressing a significant budget shortfall, the proposal includes a scaled-down property tax increase of $68.5 million, tightened from the original $300 million suggested in October. This maneuver strives to mitigate a looming $340 million deficit, as reported by WGN-TV.
In a move destined to stir contentious debate among residents and policymakers, the proposed fiscal plan also bids farewell to the guaranteed basic income program, a lifeline that dispensed $500 monthly to financially struggling households. According to a statement obtained by ABC7 Chicago, Deon Hendricks, a beneficiary of the program, articulated the distress of recipients, "The people who are in line to get the Future Fund that they are trying to cancel, and it's gonna be devastating for those people, because I was once one of those people looking forward to those funds to help me." This elimination is part of a grim endeavor to trim the budget by $30 million.
Tax hikes and fee increases are notably present within the mayor's revised economic schema, seeking additional revenue through various channels. Adjustments in the ride share congestion pricing, raising it to $14 million by encompassing weekends, a leap in parking garage taxes from 22% to 23.35% on weekdays, and a bumped plastic bag tax from $.07 to $.10, are anticipated to buttress the city's coffers. While these discuss the burden on residents, WGN-TV elaborates further on proposed taxation machinations for amusement services and the rideshare industry.
