Illinois House Speaker Renews Push for ‘Millionaire’s Tax’
Illinois' longtime House speaker has renewed a push to tax the state's millionaires to boost funding for schools.
Chicago Democrat Michael Madigan's proposal would amend the state constitution to add a 3 percent surcharge to incomes of more than $1 million.
Madigan says the recent rollback of the state's temporary income tax increase places many state services in precarious financial positions.
The legislation comes on the heels of Gov. Bruce Rauner's budget proposal, which would cut a number of programs and services and does not rely on additional revenue.
An earlier effort on the "Millionaire's Tax" failed last year when Madigan was unable to get enough backing in the Illinois House.
But voters overwhelmingly supported the idea through a non-binding ballot question last fall.