Lori Lightfoot Chicago Covid-19 pandemic reports 2020 Lori Lightfoot Chicago

Chicago Mayor considering tax hikes to plug $1.2B budget hole: report

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foxnews.com

Chicago Mayor Lori Lightfoot is considering tax hikes to help plug the city’s $1.2 billion budget deficit, according to a report.

The city is weighing a $94 million property tax hike, raising the gas tax and laying off more than 300 workers to help fill the gap, the Chicago Tribune reported.

Other potential cost-saving measures include a five-day furlough for all nonunion city employees, shifting some costs onto the books of the Chicago Public Schools and raising the cloud-computing tax.

Lightfoot is set to unveil her plan at a press conference on Wednesday. The COVID-19 pandemic caused Chicago’s gross domestic product to decline by 10% from a year ago, leading to a $799 million mid-year 2020 budget shortfall.

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