Mayor Brandon Johnson says Chicago finances have reached "point of no return"

The city of Chicago has a massive $1.1 billion budget gap to fill for 2026. Mayor Johnson promising has promised not to once again pitch a property tax hike — which the City Council unanimously rejected for 2025 — but said last week he's looking at creative ways to raise tax dollars.

The menu on that table appears to target Chicago's ultra-rich. Johnson said he is looking for ways to extract more tax dollars from the 127,000 millionaires who now call Chicago home, as well as the 25 billionaires residing inside the city limits.

The mayor also said he's weighing reinstating Chicago's corporate head tax, and a new tax on social media advertising is also on the table.

https://www.cbsnews.com/chicago/news/mayor-brandon-johnson-chicago-finances-point-no-return/