Chicago could soon tax social media companies, according to EY Tax News, as the city's fiscal year 2026 budget bill proposes a new social media amusement tax along with increases to various other local taxes. The social media tax, slated to take effect on January 1, 2026, would target social media businesses with more than 100,000 Chicago consumers, charging them 50 cents per consumer. The city intends for this measure to generate revenue as part of ongoing fiscal planning. Cook County Tax and D