Mayor Brandon Johnson Thursday delivered on his promise to “challenge the ultra-rich” and make corporations pay their fair share, proposing a $16.6 billion budget for 2026 that includes $586.6 million in progressive tax and fee revenues and a record $1 billion tax increment-financing surplus to rescue the city and Chicago Public Schools.

The tax-heavy budget, which aims to erase a $1.15 billion shortfall, would hit Chicago businesses hard. It includes a revived and dramatically expanded employee head tax, a second consecutive increase in the tax on cloud computing, a first of its kind social media tax, and a broadening of the city’s amusement tax to include online sports betting.

In his budget address to the City Council, Johnson said Chicago is the tenth wealthiest city in the world, wi

See Full Page