Madigan calls for millionaire surcharge amendment vote
From Illinois News Network
The Speaker of the House is pushing for a constitutional amendment to ask voters to increase taxes on millionaires in Illinois.
In a Friday press release, House Speaker Michael Madigan (D-Chicago) says the revenue generated from such a tax would fund elementary and high school education.
But, speaking to a group of school superintendents Friday, Governor Bruce Rauner says all kinds of increased revenue has been brought about with the purpose being for funding education, but it hasn’t worked.
“Everytime we wanna raise a tax we say it’s to fund schools. We brought casinos in to fund schools. We brought the lottery in to fund schools. We’re now trying to tax successful business owners, or talking about it, to fund schools. It’s never really ends up funding schools. It’s the political messaging game.”
Madigan says his proposal would have individual income over $1 million taxed at 6.75 percent with earnings under $1 million being taxed at 3.75 percent, the current rate on all individual income in Illinois.
Madigan cites a recent nonbinding ballot referendum that passed in November with nearly 64 percent of voters supporting the idea. Rauner has resisted any increase in revenue without what he says are substantial reforms in state government.