>> Chicago officials are considering hiking taxes on the city's biggest corporations to help fill the projected billion dollar deficit.

The city is facing next year.

Here's Mayor Brandon Johnson explaining how he plans to propose filling the massive budget gap.

>> So I think it's important that we look at in very meaningful way.

You know how those individuals with means particularly are billionaires and ultra Rich who have benefited from a growing economy.

You can put more skin in the game.

>> Our Heather Sharon joins us now with more.

Heather.

So the mayor said today that all options have to be on the table to fill the city's budget gap.

But he's already ruled out one specific tax increase, correct?

Right.

Just a few days ago, he told reporters he would not propose a property tax increase.

Now that was a little bit surprising because property taxes are the city's biggest source of revenue.

And it is the source of revenue that the city has most control over.

>> Most other tax increases that people who floated over the years state approval with one big exception.

The city has the ability to tax corporations, which is why this is an especially attractive option this year.

And what kind of corporate tax increases is the mayor considering?

Well, there are 2 proposals on the table.

One would first or a four-dollar per employee tax that was in place for 40 years until 2011.

And Mayor Rahm Emanuel, he axed it saying it was a job killer.

The other proposal is more complicated and is based on a Seattle tax that basically taxes the most biggest companies that have the best paid employees in an attempt to shrink the wealth gap between executives and their employees.

So what with that proposal have the support of the business community?

Absolutely not.

Chicago's business community would see this is a full frontal attack on their ability to make money in Chicago and they are certain to say that not only would it kill jobs, but it would also cause corporations to Chicago and put an end to sort of the steady drumbeat of corporations moving to Chicago from elsewhere.

There's no doubt that they would use it to attack.

Mayor Johnson expected to run for reelection in 2027 and his allies on the city council.

So when does the mayor have to have his budget proposal in place?

There are 2 key dates coming up by the end of August.

The mayor has to tell us exactly how big the city's budget deficit is.

Is it a billion dollars?

Is it more?

Perhaps it's a little less.

We don't really know yet.

By mid October.

He's got to tell us how he's going to fill that gap.

And that's when the rubber really meets the road with the city counsel okayed.

Of course, we all remember that budgets.

>> Season last year the mayor and his team are hoping to avoid that again.

Heather,