Will financial giants flee Johnson's taxes?

While Mayor Brandon Johnson talked of many things he wants to spend more money on, he said little about how he plans to raise that cash. 

He proposed $800 million in tax increases during the campaign, but he has backed away from some of those ideas.  

Johnson did not attach any specific price tags to the proposed new spending at Chicago Public Schools on mental health services and at the failing CTA.


While that is likely to cost hundreds of millions of new dollars, he says Chicagoans have plenty of money the government can tap.

"We can create a prosperous city in which no one is too poor to live in, one of the richest cities, in one of the wealthiest countries at the richest time in the history of the world," said Johnson.

Shortly before Monday's inaugural ceremony, there was breaking news from one of Johnson's top new tax targets: Chicago financial giant CME Group, home to the world's largest derivatives trading market and responsible for tens of thousands of local jobs. 

CEO Terry Duffy told the Odd Lots Podcast that CME Group has now sold all of its property in Chicago and in Illinois.

"In our leases, we have a language in there that says if there’s something that’s ill-conceived from the city or the state, that our leases are null and void. We’re in a very strong position. If we had to leave, we could leave," said Duffy.

The new mayor did express concern about Chicago shrinking.

"We don't want Chicago that has been overwhelmed by the traumatization of violence and despair that our residents felt no hope or no choice but to leave," said Johnson.

We could know more about the new mayor's spending plans next week. On Wednesday, Johnson is scheduled to preside over his first regular City Council meeting.