Millionaire tax advances in Illinois Senate

2014-05-28T16:54:00Z 2014-05-28T19:16:10Z Millionaire tax advances in Illinois SenateKurt Erickson Times Bureau The Quad-City Times
May 28, 2014 4:54 pm  • 

SPRINGFIELD — A plan to place a nonbinding question on the November ballot asking whether millionaires should be taxed at a higher rate advanced in the Illinois Senate Wednesday.

On a 10-5 vote, members of the Senate Executive Committee positioned the measure for a vote in the full chamber in the closing days of the Legislature's spring session.

The measure would ask voters in the November election: "Should the Illinois Constitution be amended to require that each school district receive additional revenue, based on their number of students, from an additional 3 percent tax on income greater than one million dollars?"

The advisory vote is an alternative to a proposed constitutional amendment sought earlier by House Speaker Michael Madigan that failed to gain support.

Madigan says the millionaire tax could generate an estimated $1 billion. The money would be distributed to schools on a per pupil basis.

Opponents said the proposal is flawed because the $1 million threshold does not account for inflation, meaning it could ensnare more people as wages rise over time.

The legislation is House Bill 3816.

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(3) Comments

  1. atlasshrugged
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    atlasshrugged - May 29, 2014 10:17 am
    I thought we had a tax code already in place? When did it become fair to change the rules and make the tax code even more punitive for those who succeed?
  2. Klaatu
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    Klaatu - May 28, 2014 6:32 pm
    Of course it will easily pass since people with an income of a million dollars are a very small percentage of the voting public. When do we talk about limiting the growth of government?
  3. Gladweleft
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    Gladweleft - May 28, 2014 5:48 pm
    Democrats love this as it forces successful people to pay for expenses of others less successful. After all it's not fair that everyone isn't a millionaire so the least we can do is to punish the ones who are.
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