Chicago Mayor Floats Reviving Tax on Corporations to Raise Cash

(Bloomberg) – Chicago Mayor Brandon Johnson intends to revive companies to companies to help increase income and balance the city’s budget.

At a press conference on Tuesday, Johnson, the so -called corporate tax on the “table” while looking for funds that will help authorities overcome annual deficiencies overcome $ 1 billion. Generally, a head tax is taken per employee hired by a enterprise, so larger companies are more affected by smaller companies.

“Now is an option, Johnson Johnson said in response to journalists’ questions about such a tax. “Everything must be on the table.”

The windy city demanded a tax per employee ten years ago, but it was largely opposed by the business world. Former Mayor Rahm Emanuel, in 2014, eliminated the ratio and called the “business killer ..

Chicago companies complained about increasing costs for doing business in the city and more slow economic growth than other US areas. Financial Holding Castle and Arlington moved to Miami and Boeing Co.

Revitalizing corporate tax is one of the options that Johnson thinks for preparing an expenditure plan for 2026. Like many municipalities, Chicago struggles with the exhaustion of federal pandemic aid with higher labor and service costs. The third largest US city has billions of inadequate funding obligations.

A budget working group established by the Mayor is looking at new income options. Johnson said the payment was also reviewed instead of taxes known as pilots for some institutions. Mayor carried out a campaign on a progressive platform aiming to reduce the burden on the poor of the city.

“It is important that we are very meaningful that those who have vehicles, especially those who have benefited from a growing economy, and ultra -rich individuals can put more skin in the game,” he said. “The ultimate goal is to enlarge the economy. These billionaires are not against everyone.”

Nevertheless, many of his suggestions did not gain traction. In order to increase the tax on home sales of more than $ 1 million, the ballot measure failed and last year, the members of the Municipal Assembly voted against the proposal to increase property taxes by $ 300 million.

Johnson returned to the proposal of an economy slowing down on Tuesday. He said that the general institutional displacements have increased and the traffic at O’Hare International Airport has increased. Chicago is also among the best cities of the number of millionaires. While working to improve public security and affordable houses, he emphasized that Ultra rich and companies in the city should contribute.

“When corporate leaders come to me, you know that the number one problem they mentioned is security,” Johnson said. “They don’t talk about work killing.”

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