CHICAGO – The Chicagoland Chamber of Commerce issued the following statement in response to the passage of the City of Chicago’s FY25 budget:
“With only days remaining until the start of the new fiscal year, it is disappointing that, once again, the city is relying almost entirely on Chicago residents, families, and businesses to pay for the ever-rising costs of government by raising revenue rather than embracing shared sacrifice and doing the much more effective work of identifying meaningful and lasting reforms, spending reductions and efficiencies within city government. National and global competition for jobs and investments is at an all-time high, and this collection of new taxes sends the wrong message to growing industries looking to invest in Chicago.
Between the harmful 22% increase to the Personal Property Lease Transaction Tax, or “cloud tax,” amusement taxes on cable and streaming services, parking and transportation taxes, bag taxes, and other fee increases, every Chicago resident is sure to feel the effects on their wallet in the coming year. Businesses of every size and sector across the city are going to see costs rise yet again, on top of persistently high property taxes, record inflation, and costly regulations.
We understand government is not free, but businesses and residents deserve a government that does not immediately turn to revenues before identifying reasonable spending reductions that protect our essential city services, including our first responders. We continue to stand ready to work with the mayor and members of the City Council to find lasting solutions towards fiscal stability that will help us attract businesses, grow Chicago’s tax base, and encourage economic development opportunities across the city.” said Jack Lavin, President and CEO of Chicagoland Chamber of Commerce.