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Additional Tax on Illinois Millionaires Advances



A proposal to impose an additional tax on millionaires is advancing in the Illinois Legislature.

A House committee voted 6-4 along party lines Thursday to approve Democratic House Speaker Michael Madigan's proposed constitutional amendment.

It would tack a 3 percent surcharge onto income over $1 million.

The measure now advances to the House floor.

Madigan says the tax would raise $1 billion a year for elementary and secondary education - about $550 per student.

Republicans say the tax unfairly penalizes Illinois' most successful residents.

The issue is expected to be a focal point in the race between Democratic Gov. Pat Quinn and Republican Bruce Rauner, a wealthy businessman.

Filed Under :  
Topics : Business_FinancePolitics
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Locations : Illinois
People : Bruce RaunerMichael MadiganPat Quinn