Illinois House Speaker Mike Madigan (D-Chicago) says voters ought to consider an extra income tax on millionaires – a three percent tax on all income after your first $1 million. “That money would be distributed to elementary and secondary districts on a per-student basis,” Madigan told a Capitol news conference, “not the current distribution formula. We estimate that this will result in about $550 per student.”
Click here for summary
If supermajorities of both chambers approve, it would be a constitutional amendment on this November's ballot in Illinois. Madigan suggested many of the legislature's Republicans represent districts in which few, if any, millionaires reside, so perhaps those lawmakers will go for it. Coincidence or not, Illinois Republicans just nominated for governor a man who made $53 million in 2012.
Bruce Rauner's campaign manager says helping schools is one thing –Rauner's done that for years. But the real issue, a statement says, is that it may be a gateway to raising taxes on everybody. “In a good year, I would be subject to this” new tax, said Madigan, who in real life is a tax attorney specializing in getting clients' property tax bills reduced.