City of Chicago Budget Woes May Lead to A Chicago Income Tax?

New Mayor Rahm Emanuel and his team are starting to float a variety of trial balloons regarding ways to raise the revenue needed to close the city’s vast budget gap. Many of these revenue schemes, including a proposal for a City of Chicago income tax, have a significant impact on businesses looking to grow in the city. How the revenue will eventually be raised is far from sure, but it will surely be a substantial disincentive for companies looking to locate within the city limits. The current Chicago Tribune Article outlining some of the revenue-raising ideas is well worth reading.

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