Mayor Brandon Johnson Proposes $17.6B 2027 Budget With Corporate Head Tax and $481M Borrowing Plan

Chicago Mayor Brandon Johnson is scheduled to deliver his budget address on Wednesday, outlining a 2027 spending plan that renews his push for a corporate head tax, according to reports from ABC7 Chicago and CBS News. Crain's Chicago Business reported that the mayor's proposed 2027 budget totals $17.6B and includes $131M in new spending alongside the revived head tax. Both NBC 5 Chicago and thederrick.com, which cited sources, also reported that Johnson's 2027 budget rollout features the renewed corporate tax proposal.

According to WTTW News, Johnson is proposing the corporate tax hikes again in an effort to bridge the city's budget gap. The Chicago Sun-Times noted that the mayor is renewing the fight for a corporate head tax that previously failed. Ahead of the official budget rollout, ABC7 Chicago reported that Johnson's head tax plan has already met swift pushback from members of the City Council. Commentary on the fiscal plan has also emerged in the Chicago Tribune, where Stuart Loren wrote that Chicago's budget math no longer works and argued that a corporate head tax will make it worse.

Beyond tax proposals, public safety costs and policing initiatives remain central to city discussions. WTTW News reported that Johnson says the city must borrow $481M to resolve police misconduct lawsuits. The issue of legal settlements involving police has drawn scrutiny in Chicago; a Chicago Tribune editorial stated that a jury vindicated a City Council uprising against settling cases brought against the police. Meanwhile, on the operational side of public safety, WTTW News reported that Johnson said Chicago will test a new gunshot detection system across 6 South and West Side districts.