Chicago Mayor Brandon Johnson's administration wants to revive the corporate head tax on big companies and increasing other taxes to plug the city’s projected budget gap of more than a billion dollars next year.

The mayor unveiled his 2026 budget plan to the Chicago City Council Thursday morning. The so-called Protecting Chicago Budget, which is subject to council approval, includes the following:

-a corporate head tax for the top 3 percent of businesses in Chicago.

-increased taxes on big tech companies.

-a new tax on large social media companies like Meta (which owns Facebook and Instagram), YouTube and TikTok.

-a tenfold increase in the vacant buildings fee.

-a new hemp tax.

-an increase in the boat-mooring rate at city harbors.

-a new online sports wagering tax.

-a restructuri

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