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 Entertainment

This weekend in entertainment history

beatles

A look back on some of Hollywood's most memorable moments.

in Entertainment

TLC cancels ‘Honey Boo Boo’

honeybooboo

The hit reality TV show is off the air after allegations family matriarch Mama June is dating a convicted sex offender.

in Entertainment

Christian Bale to play Steve Jobs in new biopic

bale

The "Dark Knight" star will portray the late Apple Computer co-founder.

in Entertainment, Viral Videos

Zack Galifianakis interviews Brad Pitt on ‘Between Two Ferns’

twoferns

The comic gets in some good digs at the "Fury" star in this hilariously awkward interview that's crashed by Louis C.K.

in Entertainment

‘Breaking Bad’ star: ‘Florida mom messed it up for everyone’

aaronpaul

"Breaking Bad" star Aaron Paul has blasted bosses at Toys 'R' Us, and started his own petition to get the action figures back on store shelves.