In his bid for mayor, Brandon Johnson vowed to secure an impressive $800 million in fresh funds for Chicago income tax without resorting to the conventional property tax route typically used by cities during financial crunches.
Chicago income tax proposal gains momentum as viable revenue solution, backed by Mayor’s allies
Despite encountering obstacles with proposals like the financial transactions tax and the business head tax at both the State Capitol in Springfield and the City Council, Johnson’s proponents are now asserting that Chicago income tax targeting high earners could be one of the most viable options left to generate substantial revenues. It’s worth noting that Mayor Johnson himself has not publicly endorsed a Chicago income tax plan.
His allies and supporters have rallied behind a promising proposal that outlines a 3.5% Chicago income tax on all households earning above $100,000
Advocates argue that such a measure could usher in a remarkable $2 billion in additional revenue for Chicago income tax, all while safeguarding the city’s most economically vulnerable citizens and without any interference with property taxes.
The Illinois Answers Project has delved into the implementation of income taxes in other major U.S. cities, seeking insights into how such a Chicago income tax strategy could be effectively adopted in the context of Chicago’s unique economic landscape. With the potential to offer significant financial relief, the proposal has garnered increasing support, keeping hopes alive for Chicago’s ambitious revenue goals.
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