Chicago Mayor Proposes $300 Million Tax Hike

Chicago Mayor Brandon Johnson is facing significant pushback from city council members regarding his proposed $300 million property tax increase, aimed at addressing a $982 million budget shortfall. During the initial budget hearing, many council members expressed skepticism about the necessity and effectiveness of the tax hike, questioning whether it truly addresses long-term financial issues. Alderman Matt O’Shea noted that 37 of the 50 council members are unlikely to support the increase, suggesting a need for alternative solutions such as cutting managerial positions or reallocating funds. Johnson's finance team argued that without the tax hike, layoffs would be inevitable and essential services could be drastically affected. Civic Federation President Joe Ferguson warned that increasing property taxes could push affluent residents and businesses to leave the city, which would exacerbate the financial crisis. The debate continues as council members explore various alternatives to mitigate the budget gap without imposing new taxes on residents.