Chicago Mayoral Candidate Paul Vallas Is Being Bought by the Rich
With $1.6 million in his pocket from wealthy finance donors, Chicago mayoral candidate Paul Vallas is attacking his progressive opponent Brandon Johnson’s plan to fund public schools and city infrastructure by taxing financial transactions.

Chicago mayoral candidate Paul Vallas speaks during a press conference at his campaign headquarters on February 3, 2023 in Chicago, Illinois. (Scott Olson / Getty Images)
In the final stretch of Chicago’s closely watched mayoral race, candidate Paul Vallas is attacking his progressive opponent’s plan to fund public schools and infrastructure by taxing the wealthy — including a tax on financial trading that would hit some of Vallas’s top campaign donors.
The revenue plan proposed by Cook County commissioner Brandon Johnson includes what he calls a “Big Banks Securities and Speculation Tax,” which would levy a $1 or $2 charge on most trades. Johnson’s campaign estimates this financial transaction tax could raise as much as $100 million annually for the city.
Vallas opposed Johnson’s tax plan during a debate last week, arguing that raising taxes “is the absolute wrong approach to take,” and that Chicago’s next mayor should instead focus on reducing spending.