CHICAGO - The City Council’s Finance Committee on Monday rejected Mayor Brandon Johnson’s 2026 budget proposal, which included a controversial corporate head tax to help close a more than $1 billion projected deficit.

Johnson wanted the City Council to approve his budget plan this week, but many aldermen pushed back against his proposals for new taxes and instead advocated for more of a focus on cutting spending first.

What we know:

The members of the Finance Committee voted down the corporate head tax by a convincing 25-10 vote.

It was part of a vote on the mayor’s entire revenue package, which included, by Fox 32’s count, more than 20 different taxes and fees going up. But the 25 alders made clear on Monday that they reject any tax hikes without more spending reductions.

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