Chicago Mayor Brandon Johnson today released his proposal for the city’s 2025 budget. In response, the Chicagoland Chamber of Commerce has issued the following statement from Chamber President and CEO Jack Lavin in response:
“It is disappointing that despite having a year to do the work of identifying reforms, spending reductions, and efficiencies within city government in order to close a nearly billion dollar budget shortfall, the city instead turned to a $300 million property tax increase that will hurt residents and businesses of all sizes across Chicago. Residents and businesses are already struggling with persistently high property assessments, high inflation, skyrocketing taxes, and costly regulations. We cannot afford to let Chicago residents and the businesses that employ them shoulder the entire burden without also looking toward shared sacrifice, more effective cuts to spending, and common-sense efficiencies.
The mayor’s proposed budget is not an effective long-term solution to what will not be a one-time problem. Chicago is at a precarious fiscal moment as we also face the transit funding cliff, CPS budget gaps, the end of federal pandemic funds, and an ongoing pension crisis. National and global competition for jobs and investments will only continue to intensify, and we need to focus on lasting solutions towards fiscal stability that will help us attract businesses, grow Chicago’s tax base, and encourage economic development opportunities across the city.
As always, we stand ready to work with the mayor and members City Council to find a sustainable path forward that puts us on firm fiscal footing, while growing our economy and creating jobs in every neighborhood across Chicago.”
– Jack Lavin, President and CEO of Chicagoland Chamber of Commerce
About the Chicagoland Chamber of Commerce
The Chicagoland Chamber of Commerce is a nonprofit organization that represents more than 1,000 member companies, which collectively employ 400,000 employees and generate $24 billion in revenue. The Chamber combines the power of membership with its legacy of leadership and business advocacy to drive a dynamic economy. To learn more, visit www.chicagolandchamber.org.