CHICAGO — Facing a $1.19 billion budget gap and rising pension costs amid steep federal funding cuts, Mayor Brandon Johnson on Thursday unveiled a $16.6 billion budget that avoids property tax hikes or program cuts by leaning on new and expanded taxes for large corporations and citywide cost-saving measures.

Johnson’s proposed budget — dubbed the Protecting Chicago budget — closes the shortfall through about $586 million in new or expanded taxes on big tech companies, including a “first of its kind” tax on social media platforms, a business head tax, an expanded tax on big tech, rideshares and more. It also saves roughly $350 million by implementing a targeted hiring freeze and efficiency reforms across several city departments.

The approach seeks to balance fairness with fiscal restrain

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