Chicago Faces Tax Hikes After Progressive’s Surprise Win (2)

Chicago is bracing for more taxes after progressive Brandon Johnson’s surprising win this week.

The mayor-elect’s proposed levies on corporations, financial securities and the rich would add pressure on the business community in the nation’s third-largest city that’s already grappling with rising crime, high-profile headquarter departures and fragile finances.

Brandon Johnson speaks after being projected winner as mayor of Chicago on April 4.

Photographer: Alex Wroblewski/Getty Images

“He wants to put more of the burden on the business community,” said Richard Ciccarone, president-emeritus of Merritt Research Services, a muni research firm. “There’s some anxiety about the approach that he’ll use and solutions. You don’t want to start a negative spiral.”

The unexpected victory on Tuesday ...