US EditionChicago Business Leaders Oppose New Taxes in Mayor Johnson's Budget Proposal
Mayor Johnson's $16.6 billion 2026 budget targets wealthy residents and large firms with new taxes to avoid layoffs and fund violence prevention amid a $1.19 billion deficit.
- On October 16, 2025, Mayor Brandon Johnson unveiled the Protecting Chicago budget, a $16.6 billion spending plan calling for more than $617 million in new taxes to close a $1.19 billion shortfall.
- Facing exhausted federal COVID-19 relief and lagging tax revenues, Chicago confronts soaring pension and personnel costs, creating a structurally unbalanced budget and a nearly $2.85 billion pension bill in 2026.
- The plan imposes a $21-per-employee head tax on firms with more than 100 employees to raise $100 million, a 50-cent social media tax to generate $31 million, and a $333.2 million digital-goods tax.
- There are not 26 votes now to support the head tax, and City Council hearings start Tuesday with a Dec. 31 deadline to approve the 2026 budget.
- Business groups immediately criticized the plan, calling the head tax a `job killer`, while labor leaders including the Chicago Teachers Union applauded protections avoiding layoffs; the proposal relies on just $80 million in cuts and a year-long hiring freeze.
15 Articles
15 Articles
Chicago Mayor’s Budget Proposes Head Tax, New Levies on Cloud, Social Media, Yachts
Chicago Mayor Brandon Johnson is seeking to plug a $1.15 billion deficit with a sweeping package of new taxes and fees on large employers, tech platforms, and high-end assets, unveiling a $16.6 billion 2026 budget that raises levies on cloud services and social media users, triples mooring fees for yachts, and revives a controversial head tax. Johnson formally unveiled the proposal to the City Council on Oct. 16, billing it as a budget that prot…
Chicago mayor pushes corporate 'head tax' amid Windy City budget disaster · American Wire News
Chicago Mayor Brandon Johnson is looking to new sources of revenue for his cash-strapped city amid ongoing budget woes, including a tax on social media companies and a “head tax” that would charge large businesses a monthly fee for each person employed. The deeply unpopular Democrat, who has made Chicagoans wistful for the good old days of Lori Lightfoot, introduced his 2026 budget proposal on Thursday with the Windy City already facing a $1.15 …
Mayor Brandon Johnson’s budget plan met with applause, skepticism and hostility – Chicago Tribune/Yahoo
Leadership of the Civic Committee of the Commercial Club of Chicago and the budget watchdog Civic Federation both expressed disappointment that Johnson did not crib many ideas from the budget working group he convened, or more seriously consider efficiencies. The mayor “doesn’t seem to recognize the investment we’ve already made,” Civic Committee President Derek Douglas said, while “investments the city is supposed to be making, he seems to be t…
Chicago business leaders oppose new taxes in Mayor Johnson's budget proposal
CHICAGO (WGN) - The Chicagoland Chamber of Commerce said Mayor Brandon Johnson's budget proposal will make Chicago a less attractive investment as they don't see shared sacrifice in his tax proposals. Jack Lavin, president and CEO of the Chicagoland Chamber of Commerce, said many businesses have not shaken the setbacks from the pandemic, adding that the mayor's suggestions will not help. "Our view is we need to have pro-growth strategies, not jo…
Mayor Brandon Johnson’s budget plan met with applause, skepticism and hostility
Just as striking as Mayor Brandon Johnson’s thunderous case Thursday that his 2026 budget proposal is the best answer to President Donald Trump’s continued attacks on Chicago was the wary reaction from the aldermen who need to vote to pass it. As the freshman mayor highlighted the key points of his $16.6 billion package for next year, only his staunchest progressive allies consistently stood up throughout his 40-minute address in City Council ch…
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