Tax & Budgets, Elections & Campaigns
Why Chicago's Budget Crisis Matters for the City's Mayoral Race
August 25, 2026 | Jose Perez
Chicago faces a projected $680 million budget gap, following a contentious recent budget cycle where the city council passed an alternative budget without Mayor Brandon Johnson's signature. The Chicago Financial Future Task Force recommends expanding sales tax to services, implementing congestion pricing, and adjusting property taxes according to inflation to address the city's persistent revenue imbalance. Mayor Brandon Johnson's approval rating sits at 23 percent, and he has not announced whether he will seek reelection in the 2027 Chicago mayoral race. Alternative revenue streams from last year's budget, including the Social Media Amusement Tax, have failed to collect any funds, with critics blaming the mayor for not executing the city council's budget provisions. Nine candidates have announced their intention to run in the Chicago mayoral election, with Illinois Secretary of State Alexi Giannoulias emerging as an early favorite to replace Johnson.
