Chicago mayoral candidates discuss taxing the wealthy for city budget.

The upcoming mayoral runoff in Chicago between Brandon Johnson and Paul Vallas is centered around how to balance the city's financial challenges with residents' concerns about the cost of living. Johnson, a progressive, has called for $800 million in new taxes on the ultrarich, while Vallas, supported by many business leaders, wants to rely on his budgeting expertise to find ways to cut spending. The debate over who should pay what in taxes has taken on increasing prominence post-pandemic, with some seeing this moment as a chance to rebuild the economy and ensure more equitable futures for residents.