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

‘Frozen’ princess promises to be hot holiday item

frozen

Snow Glow Elsa is one of only four toys to feature on three major guides of top toys for the Christmas season.

in Music

WATCH: Beck kicks off George Harrison week on ‘Conan’

15-overlay4

"Harrison Week" celebrates the late Beatle and the upcoming release of “The Apple Years: 1968-75,” featuring the beloved singer/songwriter’s first six solo albums.

in Entertainment

American Girl, Rubik’s Cube among Toy Hall of Fame finalists

toyhalloffame

They face off against My Little Pony, the Slip 'N Slide, Teenage Mutant Ninja Turtles, and other childhood favorites.

in Music

Blondie marks 40 years in music with photo exhibit

blondie

The career retrospective is on display at the iconic Chelsea Hotel in Manhattan.

in Entertainment

Jada Pinkett Smith signs on to ‘Magic Mike’ sequel

jada

The star says she has been cast in a role that was initially intended for a man.