Aside from the property tax hike, the biggest revenue boosters to help close next year’s budget gap include a boost to the personal property lease tax from 9 percent to 11 percent, and the amusement tax on streaming services from 9 percent to 10.25 percent. The lease tax is charged on cars and equipment as well as software and cloud computing leases, and boosting it is expected to bring in another $128, while the streaming upcharge would bring in another roughly $13 million.
Big picture translation…..dopey Chicago homeowner/taxpayers are stuck with making up for all the fed COVID funding, approx $6 bil city budget increase from pre to post COVID, with only token cuts and ZERO layoffs as aldercriders put up only minimal objection. By this time next year all the COVID-ARPA fed funds will be gone.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Big picture translation…..dopey Chicago homeowner/taxpayers are stuck with making up for all the fed COVID funding, approx $6 bil city budget increase from pre to post COVID, with only token cuts and ZERO layoffs as aldercriders put up only minimal objection. By this time next year all the COVID-ARPA fed funds will be gone.