With this approach, we can move forward a flexible, realistic, ad responsible plan to dig out of mistakes of the past while investing in Chicago’s future. "This will allow Brandon Johnson as mayor to pay down Chicago’s debts from the past by $250 million a year while also making $250 million of new, necessary investments each year. "The revenues and efficiencies in this plan add up to about $2 billion total to close Chicago’s current, $1 billion structural deficit and add another $1 billion in new investments from the Better Chicago Agenda," Johnson’s plan states. Maximizing advertising revenues from public assets and expanding so-called "Social Impact Investing programs" to attract more private sector investments in Chicagoans, thereby "lessening the burden on taxpayers.".Getting serious about selling what he calls "Chicago’s world-class water" and exploring the idea of "expanding" the city’s health care plan for public employees to "neighboring municipalities.".Funneling $100 million per year from tax increment financing surpluses into the corporate fund that essentially serves as the city’s checking account.Johnson said what he calls a "Chicago Mansion Tax" would raise $100 million-a-year. Honoring Mayor Lori Lightfoot’s broken campaign promise to raise the real estate transfer tax on high-end home sales to create a dedicated source of funding to reduce homelessness and create affordable housing.Imposing "new user fees for high-end commercial districts frequented by the wealthy, suburbanites, tourists and business travelers" to generate $100 million.Hiking a Chicago hotel tax that’s already the nation’s highest to generate $30 million more.Taxing financial transactions - Johnson calls it a "Big Banks Securities and Speculation Tax" - at a rate of $1 or $2 for every "securities trading contract." A tax of "less than 0.002 percent of a trade’s value" would generate $100 million, he said.Raising $98 million by "making the big airlines pay for polluting the air" in Chicago neighborhoods.The cut-off is aimed at "allowing businesses to continue to create new jobs," his plan states.
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