Overview
- Mayor Brandon Johnson doubled down on his 2026 plan after pointed questions at City Hall, arguing large corporations should carry more of the load rather than working families.
- The proposed head tax would charge companies with 100 or more employees $21 per worker each month, which the administration projects would raise about $100 million for community safety and violence prevention programs.
- S&P Global Ratings revised Chicago’s general obligation debt outlook to negative, citing persistent structural gaps, weakened reserves and the cut in the pension advance to roughly $120.2 million.
- The $16.6 billion proposal leans on a record $1 billion TIF surplus and new or higher levies, drawing opposition from Gov. JB Pritzker, business groups and at least two dozen aldermen who warn the measures could deter hiring and investment.
- City Council budget deliberations continue toward a mid-November vote, with labor and community advocates pressing to restore proposed Chicago Public Library cuts to vacant positions and the collections fund.