CHICAGO (Oct. 21, 2026) – Mayor Brandon Johnson’s proposed $17.6 billion budget for 2027 calls for hikes on at least six taxes or fees to generate $414 million. The budget proposal also relies on an additional $231 million from one-time revenue sources and more than $61 million in increased revenue projections.

His proposal will raise costs for residents and businesses while adding to the city’s debt.

Bryce Hill, senior director of fiscal and economic research at the Illinois Policy Institute, provided the following reaction: 

“Higher taxes will make Chicago more expensive for residents and make it harder for businesses to hire, expand and invest in the city. A head tax adds a cost to every job it covers, giving employers another reason to take those jobs elsewhere.

“Chicago needs to bring spending in line with recurring revenue. Relying on one-time revenue, more debt and higher taxes will leave taxpayers paying more without fixing the spending problem and could put the city at risk of future credit downgrades.”

To read more about Johnson’s budget proposal, visit illin.is/Johnson-budget.

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