In a move to tackle a significant budget deficit, Chicago Mayor Brandon Johnson has unveiled a proposed budget of $16.6 billion for the upcoming fiscal period, which includes the revival of a corporate head tax and the introduction of a new tax on social media companies. The proposal aims to generate an additional $617 million in revenue to close a deficit exceeding $1 billion, while also avoiding potential layoffs and property tax increases. The budget also plans a substantial boost of $522 million for Chicago Public Schools, garnering mixed reactions from business leaders and educators alike. Critics raise concerns about potential negative impacts on local businesses and storefronts, as the city navigates its financial challenges amidst calls for progressive tax measures targeted at wealthier corporations.