CHICAGO (CBS) — The two most prominent contenders running against Mayor Rahm Emanuel in February have come up with some very different ideas about raising revenue for Chicago.

Ald. Bob Fioretti said a graduated income tax in Chicago, as proposed by Cook County Commissioner Jesus “Chuy” Garcia, could hurt everyday Chicago residents.

“I think that may be a very regressive form of taxing here in our city, and I think we have to be careful,” he said.

Fioretti thinks a 1 percent commuter tax would be very helpful for the city, without being too painful for commuters.

“That small amount is very insignificant, in terms of what we need to do; and that will help our budget along the way, and would help our pension problems too,” he said.

He noted more than half a million suburban residents work in Chicago, but spend most of their money outside the city, giving Chicago little tax revenue.

“There are 660,000 people that come from the suburbs, and work in the city. The combined income is over $30 billion a year. That $30 billion a year is spent where? In their hometowns,” he said.

Fioretti said a 1 percent commuter tax could generate approximately $350 million in revenue for Chicago.

“Yes, people in the suburbs may not want to pay it, but I’ve heard from a number of suburbanites. When they come here, they want what? They want safe streets. They want clean streets. They want emergency medical care if something happens to them. And so, a small tax – which they can deduct off of their income tax – is helpful for this city.”

The alderman and mayoral candidate is this week’s guest on “At Issue,” airing Sunday at 9:30 a.m. and 9:30 p.m.