>> Mayor Brandon Johnson is hoping the 3rd time will be the charm for his plan to hike taxes on big corporations to help balance the city budget.

Here's the mayor unveiling the new proposal which would impose a $33 per employee tax on companies with 500 or more employees.

>> What types of companies with this impact will word talking about >> the largest corporations, of course, in the city, we are not talking about your local retail shops over.

We are not talking about your mom and pop restaurants.

We are talking about the companies who have done exceedingly well in this current economic climate.

>> Our Heather Sharon joins us now with more on Chicago's budget deadlock.

Heather, break down.

The mayor's latest head tax proposal and how this plan changed.

Well, originally back in October, this tax would taxed companies with more 100 employees.

21 $1 per month per employee.

Thank you.

Changed it to apply to only firms that had 200 or more employees and he site 18 million dollars of the 100 million dollars.

It was going to generate to sort of remember small and midsized businesses that might struggle to bear this cost.

But now we've got a new plan.

This would only apply to the biggest firms in Chicago with more than 500 employees.

They'd have to pay $33 per month per employee to generate 82 million dollars because now that it doesn't apply to small and mid-sized businesses, those grants are necessary.

The mayor said also an increase in the dollar amount from $21 to $33.

Any sign that this proposal will win support with the majority of City Council?

Well, it didn't produce an immediate breakthrough.

That's for sure.

The older people who have been leading the charge against this tax, including alderman coli of the 11th Ward said it was still a bad idea, but could help or shore up some votes from members of his progressive caucus who support this tax but were worried that it would hurt those mom and pop business is we heard the mayor talk about also this would only apply to 175 businesses in Chicago.

The biggest Google JP Morgan Chase, Accenture Walmart.

There are not a lot of progressive older people who will lose a lot of sleep about increasing those companies, tax bills.

Okay.

So the majority of the debate over the budget cuts focused on this hit tax.

But that is not the only sticking point.

What else is at issue here?

Well, the rival budget plan that the mayor has flatly refused to even consider would make a number of changes.

It would pay more towards the city's pensions in the hopes of avoiding a credit rating downgrade.

It would also reduce the amount of money that the mayor's proposal would borrow to pay for firefighters, salaries and to cover the extreme cost of police misconduct settlements.

Just 21 days before this deadline for the city Council to pass a budget deal.

What happens if there is no deal?

Now?

We've all gotten used to the state sort of missing the budget deadline ING, but everything's sort keeping on as normal.

That cannot happen for the city.

If the city does not have a budget as of December, 30th employees will not get paid and it is unclear about which city services will stop.

So that prospect is concentrating the minds of everybody at City Hall with both the mayor and his opponent saying they're not going to let city government shutdown.

It's just that nobody quite sure exactly how