Michael Sacks-funded group opposes Chicago's payroll tax, sparks ire from Mayor Brandon Johnson.

Michael Sacks, chairman of GCM Grosvenor, is backing Common Ground Collective, a group raising $11 million to oppose Chicago's proposed payroll tax. The tax, aimed at raising $100 million for community safety programs, would charge large corporations $21 per worker per month. Johnson calls the opposition "beneath business leaders," while Sacks declined to comment. The proposal has also faced opposition from Illinois Governor JB Pritzker, McDonald's Corp., and Cboe Global Markets CEO Craig Donohue.