Chicago Mayor Floats Reviving Tax on Corporations to Raise Cash

Chicago Mayor Brandon Johnson is considering reinstating a tax on corporations to help address the city's budget challenges. The proposed measure aims to generate additional revenue to fund essential services and programs. The mayor's plan involves resurrecting a tax that was previously in place but was later repealed. The specifics of the proposed tax, such as the rate and which businesses would be affected, have not been disclosed. The move comes as the city faces budgetary pressures, with the mayor and city officials seeking to find ways to increase funding without burdening individual taxpayers. The potential corporate tax is part of a broader effort to address the city's financial situation and ensure the continued provision of vital public services. The proposal is likely to garner both support and opposition from the business community and other stakeholders. The mayor's office has indicated that further details and public discussions will follow as the plan is developed and considered.