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Chicago's Proposed Corporate Head Tax: A Problematic Solution to Budget Deficits
Chicago Mayor Brandon Johnson has announced plans to explore new revenue streams to address the city’s massive budget deficit, currently projected at over $1 billion for the fiscal year 2026. While the mayor insists he will not propose property tax hikes—already among the highest in the nation—he has floated the idea of implementing a corporate head tax and increasing taxes on digital advertising. These proposals have sparked debate and concern among business owners, residents, and economic analysts alike, as they reflect a broader trend of cities turning to punitive taxes on businesses to fund public programs.