The new taxes will cover a 6 billion deficit, or about 1% of GDP. That is a sudden shift, and needs to happen soon mainly via the income tax hike. But businesses will see this as an opportunity to finally make the move out of Chicago to sunnier climes. Nor does it cover all the back bills, some debt will be included.
Nor have they all agreed to the tax hike, the measure is still pending. Any state budget only helps bankrupt Chicago a bit on the margin. Too much downward momentum; this is not enough.
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