Mayor to outline plan to close city's more than $1 billion budget gap Thursday ahead of City Council meeting

Chicago's Newest Budget Declares War on Businesses to Fix Mayor Johnson's $1.2B Deficit

Chicago's budget crisis sees proposed tax hikes targeting businesses amidst a $1.2B deficit.

Mayor Johnson proposes $16.6B budget that revives corporate head tax, imposes first-ever social media tax

Mayor Brandon Johnson promised to "challenge the ultra-rich" and corporations to shoulder the city's financial burden, and his 2026 spending plan aims to do just that. The tax-heavy budget aims to erase a $1.15 billion shortfall.

Mayor to outline plan to close city's more than $1 billion budget gap Thursday ahead of City Council meeting

CHICAGO — Mayor Brandon Johnson will outline his plan to close the city's more than $1 billion budget shortfall for 2026 on Thursday morning, ahead of a full City Council meeting. Some city leaders say everything should be on the table, including a property tax increase. More details are expected to be known when the mayor meets with reporters prior to his budget speech Thursday. READ MORE: Chicago mayor will soon reveal plan to close $1.15…