Chicago Mayor Delivers FY2027 Budget Address: $17.6 Billion 'Fair Share Budget' Proposes Reviving Corporate Head Tax
CHICAGO, Illinois — Mayor Brandon Johnson of Chicago, in Cook County, Illinois, delivered his fiscal year 2027 budget address to the City Council on October 21, proposing a $17.6 billion 'Fair Share Budget' aimed at closing a shortfall of about $882.4 million without city staffing layoffs or public service cuts.
Key revenue measures include reviving a corporate head tax, branded the Equitable Employer Tax, under which companies with 125 or more employees would pay $25 per month for each Chicago-based employee, projected to raise about $101.8 million; raising the sports wagering tax from 10.25 percent to 20 percent, worth roughly $37 million more; and borrowing about $480 million to pay police misconduct settlements and judgments. On spending, the plan would make $500 million in tax increment financing (TIF) funds available, with $285 million going to Chicago Public Schools, plus $30 million for public libraries, $100 million for housing and homelessness services, and an additional $7 million for community violence intervention, including 390 street outreach workers and 50 youth peacekeepers, along with a new city-run health clinic.
The City Council must pass a budget by December 31, with hearings expected to begin as soon as next week. A coalition of business organizations led by BOMA/Chicago issued a joint statement on October 21 opposing the head tax, arguing that taxing employers for jobs would dull the city's competitive edge. (GSM, based on the mayor's office release and local media reporting)
Source: GSM · USA (original Chinese edition)
Photo: 芝加哥市政厅资料图。图片：TonyTheTiger，CC BY-SA 3.0，经 Wikimedia Commons。 / Chicago City Hall, file photo. Photo: TonyTheTiger, CC BY-SA 3.0, via Wikimedia Commons.
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