Emanuel considering taxes on rich, downtown businesses to fund CPS

Mayor Rahm Emanuel might seek new taxes on downtown businesses, "high net-worth individuals" or both to dig the Chicago Public Schools out of a $596 million hole without state help, City Hall sources said Monday.

Last week, Emanuel said he was prepared to do "some very difficult things" to stave off a threatened early closing of Chicago Public Schools that would run contrary to the longer school year he was able to achieve only by enduring a teachers strike.

Now, the local rescue is taking shape in a way that helps explain why aldermanic briefings on the subject have been postponed twice.

Sources said the new taxes Emanuel is exploring would raise $400 million to $600 million in annual revenue.

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