Chicago City Council Rejects Property Tax Hike, Debates Alternative Increases

Mayor Brandon Johnson faces opposition as he seeks new revenue sources after the City Council unanimously rejects his initial property tax proposal.

Mayor Brandon Johnson's original $300 million property tax increase proposal was unanimously rejected by the Chicago City Council.
In response to the rejection, Johnson has halved the property tax proposal to $150 million, but it's unclear if he has the necessary support for this reduced amount.
The mayor is exploring alternative revenue options, including increasing taxes on streaming services and cloud computing, which could generate significant additional funds.
Johnson's proposal to raise local alcohol excise taxes by 34% faces criticism for potentially harming local businesses and disproportionately affecting low- and middle-income residents.
As budget negotiations continue, Johnson emphasizes the need for collaboration with the City Council to finalize a balanced budget by the end of the year.