News

Speaker Madigan Proposes Millionaires’ Tax for Education

Speaker Madigan Proposes Millionaires’ Tax for Education

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.”

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.

Recent Headlines

in Black Friday, Entertainment

‘Frozen’ tops Barbie as top girls’ holiday pick

frozen

The results marked the first time in 11 years that Barbie hasn't held the No. 1 spot in the annual toy survey.

in Entertainment

Today in entertainment history: Nov. 27

beatles

A look at some of the Hollywood headlines that made history.

in Black Friday, Entertainment

‘TIS THE SEASON: Holiday specials airing this week

Frosty the Snowman

Here's a look at Christmas classics and new holiday favorites airing this weekend.

in Black Friday, Entertainment, National

Obama pardons ‘Cheese,’ America’s top turkey

turkeypardon

The President pardoned the official Thanksgiving turkey in a tradition that is truly American.

in Entertainment

Harrison Ford signs on to ‘Blade Runner’ sequel

harrisonford

The actor will reprise his 1982 role as bounty hunter Rick Deckard.