Chicago Mayor Rahm Emanuel on Tuesday proposed increasing property taxes by $543 million over four years, extending the tobacco tax to electronic cigarettes and reforming real estate tax increment financing to pay for pension costs for police and firefighters.

However, Gov. Bruce Rauner has pushed for a property tax freeze.

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CHERYL CORLEY, BYLINE: Mayor Emanuel first talked about Chicago’s good economic news during his budget address, pointing to a big drop in the city’s unemployment rate and the relocation of several business headquarters to the city. Residents also may face more taxes and fees on garbage collection, sugary drinks and other services. If it does not become an Illinois law in 2015, the city would be required to fund the entire incremental payment amount of approximately $540 million in 2016 from additional property taxes or other potentially nonrecurring means.

To city has been going through hard time trying to meet the structural deficits and tackle a $30 billion pension crisis which saddled Chicago with a junk bond rating.

Leading up to the budget speech, Emanuel, a former White House chief of staff, trumpeted his efforts, including testifying in Springfield and making cuts.

“I assure you, there is not a businessperson who is thinking today that they wish (Chuy) Garcia had won” the mayoral race, a City Hall insider says.

“We just received the complaint and have not yet had the opportunity to review it”, she said. 35th Ward Alderman and Progressive Reform Caucus member Carlos Ramirez-Rosa called the rules a giveaway to Emanuel’s brother Ari, an Uber investor.

Some aldermen, like Roderick Sawyer, support it. Sawyer says he was actually hoping the city would RAISE taxes incrementally years ago.

With ride-sharing and the taxi industry likely to continue butting heads until a plan is finalized, it’ll be interesting to see how things play out and if the budget gets enough votes to pass the City Council.